On January 16 of this year, the FDIC and OCC issued the Joint Statement on Heightened Cybersecurity Risk. This Statement came amid increased geopolitical tensions between the U.S. and Iran and was an effort to bring awareness to the potential of a cyber attack and how financial institutions (FIs) should prepare themselves. The Statement does not provide any new information, but rather emphasizes standards previously outlined in the Interagency Guidelines Establishing Information Security Standards and FFIEC resources. The Statement reminds FIs that adhering to previously recommended principles and risk mitigation strategies will help to reduce the risk of a successful cyber attack.The Statement highlights areas in which FIs should focus attentions – response and resilience capabilities, authentication, and system configuration. Let’s explore each of these sections in a bit more detail.