I. INTRODUCTION
Ransomware has become the most visible cyber threat to our nation’s networks. While financial institutions have implemented good cybersecurity practices, the rapid advancements in ransomware and its potentially devastating consequences require that every financial institution review and update its controls.
The Bankers Electronic Crimes Taskforce (BECTF), State Bank Regulators and the United States Secret Service have developed to help financial institutions assess their efforts to mitigate risks associated with ransomware and identify gaps for increasing security. The document provides executive management and the board of directors with an overview of the institution’s preparedness towards identifying, protecting, detecting, responding, and recovering from a ransomware attack.
Ransomware is a type of malicious software (malware) that encrypts data on a computer, making it difficult or impossible to recover. The attackers usually offer to provide a decryption key after a ransom is paid; however, they might not provide one or it might not work if provided, which could make the financial institution’s critical records unavailable. Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations
II. Completing the Ransomware Self-Assessment Tool (R-SAT)
The Ransomware Self-Assessment Tool (R-SAT) is derived from the BECTF Best Practices for Banks: Reducing the Risk of Ransomware (June 2017), which has been updated for today’s environment. Accurate and timely completion of the assessment, as well as periodic re-assessments, will provide executive management and the board of directors with a greater understanding of the financial institution’s ransomware preparedness and areas where improvements can be made. This could also assist other third parties (such as auditors, security consultants and regulators) that might also review your security practices.
The Ransomware Self-Assessment Tool has 16 questions designed to help financial institutions reduce the risks of ransomware., which may be viewed at (https://www.csbs.org/sites/default/files/2020-10/R-SAT_0.pdf )