Ensure Your Institution’s Safety and Compliance
The Farm Credit Administration (FCA) published the Cyber Risk Management Rule on December 11, 2023, revising 12 CFR Part 609. Effective January 1, 2025, this rule outlines critical risk management practices necessary to maintain the safety and soundness of Farm Credit System institutions.
Urgent Compliance Requirement:
Each Farm Credit institution must have its cyber risk management policies and procedures published and reviewed by their board before January 1, 2025. Failure to comply with this deadline can result in significant regulatory repercussions.
Key Requirements of the Cyber Risk Management Rule:
- Effective Policies and Procedures: Establish and document policies, procedures, and controls to mitigate cyber risks.
- Vulnerability Management: Implement a robust program to monitor threats, mitigate vulnerabilities, and report to your board and the FCA.
- Tailored Approach: Ensure your program matches the size, risk profile, and complexity of your institution, adhering to sound industry standards.
How SunStream Can Help
SunStream Business Services offers valuable tools to support your compliance efforts:
- Gap Analysis Tool: Identify and address gaps in your current cyber risk management practices.
- Documentation Template: Streamline the documentation of your policies, procedures, and controls.
Access Our Cyber Risk Management Tools
Provide your contact information below to gain access to SunStream’s Gap Analysis Tool and Documentation Template, and ensure your institution’s compliance with the Cyber Risk Management Rule.
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