MA-Chartered Financial Institutions: Submit Your Ransomware Self-Assessment
The Massachusetts Division of Banks is requiring all institutions to complete an updated Ransomware Self-Assessment(R-SAT) 2.0 and submit it to DOB.IT.Cyber@mass.gov by the deadline of April 30, 2024. For all state banking examinations commencing on or after May 1, 2024, the IT examination request list will include a completed R-SAT 2.0. During exams, expect examiners to discuss the results of your R-SAT 2.0.
The R-SAT was created by the Conference of State Banking Supervisors (CSBS) as a tool to fortify our financial system against emerging cybersecurity threats related to ransomware, ensuring resilience in an ever-evolving landscape. The tool was updated with a version 2.0 in October 2023. Due to some significant updates in this version, particularly concerning multi-factor authentication, the Massachusetts Division of Banks is requiring financial institutions to update their assessments using the new version.
If you have not done so already, we recommend you update your R-SAT 2.0 and familiarize yourself with the controls contained within. This may be used as a part of your regular cybersecurity and ransomware preparedness assessments.
The R-SAT 2.0 can be found at the following location: R-SAT Version 2.0 Tool
For additional information, please see the following resources:
- An R-SAT 2.0 webinar, and its accompanying slide deck, hosted by the CSBS
- Ransomware: Lessons Learned by Banks That Suffered an Attack
- WolfPAC’s R-SAT module follows the structure of the CSBS’s manual tool and allows you to easily identify and report on key controls related to ransomware. This is integrated with your existing WolfPAC controls inventory
- Going beyond the self-assessment, the best way to validate the effectiveness of your ransomware preparedness is to perform a threat emulation exercise
Background and Expectations: R-SAT 1.0 and Pathway to R-SAT 2.0
The R-SAT, launched in October 2020 through collaboration with the Bankers Electronic Crimes Task Force, state bank regulators, and the U.S. Secret Service, offers banks and credit unions an accessible yet thorough tool for assessing ransomware risks and enhancing security measures. Version 2.0, informed by insights from a study on ransomware attacks between January 1, 2019, and December 31, 2022, has been updated to address the evolving threat landscape and changes in control environments. These enhancements aim to better equip institutions in detecting, responding to, and recovering from ransomware incidents.
Please take immediate action to familiarize yourself with the R-SAT 2.0 updates and incorporate them into our periodic assessments of our institution’s cybersecurity and ransomware preparedness.
ACT NOW: WolfPAC’s R-SAT Module
Don’t wait until it’s too late! Our R-SAT module, aligned with CSBS’s manual tool, is the ultimate solution for identifying and reporting on crucial controls against ransomware. Seamlessly integrated with your existing WolfPAC controls inventory, it’s time to fortify our defenses against evolving cyber threats.
Elevate Your Security Posture: Threat Emulation Exercise
In addition to the R-SAT update, we strongly encourage you to validate your ransomware preparedness through a threat emulation exercise. By discovering vulnerabilities and strengthening our resilience against potential threats, we can ensure the safety and security of our organization.
For any inquiries or assistance, do not hesitate to contact us at your convenience.
Thank you for your prompt attention to this matter.