Under GLBA regulations, Financial Institutions are required to maintain several registries, including a Risk Assessment Registry, Incident Response Registry, Service Provider Registry, and Exception Management Registry. These registries must be maintained for a rolling three-year period to capture and highlight any changes that have occurred incrementally over time.
Additionally, Financial Institutions must generate an annual report for the Board of Directors compliant with 12 CFR Part 748 Appendix A. This report should include the following sections:
Overview of the report's purpose and scope, outlining key objectives and areas of focus.
High-level summary of key findings and recommendations from the cybersecurity assessment.
Detailed analysis of the institution's risk profile, highlighting significant changes over the past year.
Summary of security incidents that occurred, including responses and resolutions.
Evaluation of third-party service providers' performance and compliance with regulations.
Overview of identified exceptions and the corrective actions taken to address them.
Assessment of the institution's compliance with cybersecurity regulations and standards.
Description of improvements made to security and privacy measures throughout the year.
Summary of cybersecurity training initiatives and awareness programs conducted.
Outline of planned initiatives and projects to enhance cybersecurity and compliance.
Documentation of risk assessments conducted and their respective outcomes.
Records of security incidents and the institution's response to each event.
List of third-party service providers and their compliance status.
Documentation of exceptions identified and the measures taken to resolve them.
By maintaining these registries and generating the annual report, Financial Institutions can ensure ongoing compliance, effectively manage risks, and enhance the security of their information assets.