It’s been a decade since the Cybersecurity Assessment Toolkit (CAT) was first introduced. For many institutions, especially community banks, it has become a familiar part of their cybersecurity routine. But with the recent decision by regulators to sunset the toolkit by the end of August, it’s time to step back and ask: where are we now—and what’s next?
A Decade of CAT: Looking Back
The CAT was launched ten years ago as a comprehensive tool to help financial institutions assess their cybersecurity preparedness. It consisted of nearly 500 questions—a massive undertaking, particularly in its early days when there was little guidance on how to approach it effectively.
For those who were involved in those early years, the experience was both daunting and educational. It required a deep dive into every corner of an institution’s cybersecurity posture, prompting many teams to have tough internal discussions about vulnerabilities, strategy, and compliance.
Interestingly, in a recent survey of over 100 community bankers, 65% indicated they were not involved in the implementation of CAT when it first rolled out. That means a majority of today’s professionals in the field don’t remember, or never experienced, the intense challenges and learning curve that came with the toolkit’s debut. And to be fair, if you missed that early struggle, congratulations! But it’s also worth noting that those early challenges shaped how institutions approach cybersecurity today.
Routine, Repetition, and Stagnation
Since its initial launch, the CAT has seen only one update—in 2017. That lack of change has led to a process that feels routine, almost mechanical, for many institutions. The once-thorough self-assessment tool slowly transformed into a checkbox exercise rather than a dynamic, strategic asset.
This stagnation, while it may have made annual assessments easier, has also limited the tool’s effectiveness in the face of today’s evolving cyber threats. Threat landscapes have changed, technologies have advanced, and yet, the CAT remained largely static.
The Sunset of CAT: What It Means
Now, the regulatory decision to sunset the CAT at the end of August is shaking things up again. Institutions that had grown comfortable with the process are suddenly faced with uncertainty—and a new set of challenges.
Understanding where we’ve been with the CAT is crucial to successfully navigating what comes next. For newer cybersecurity professionals, this is a chance to appreciate the complexity and weight of what the toolkit represented when it launched. And for veterans, it’s a time to reflect on the lessons learned and how to carry that experience forward.
Change can be uncomfortable, especially when it affects a routine that has become ingrained over many years. But it’s also an opportunity, an invitation to reassess your institution’s cybersecurity posture with fresh eyes and renewed strategy.
What’s Next? Exploring Your Options
While the CAT may be going away, the need for robust cybersecurity self-assessment isn’t. Fortunately, there are resources available to help institutions transition smoothly into this next chapter.
At Finosec, we’re actively supporting financial institutions through this transition. We’ve put together a collection of webinars and downloadable strategy resources to help you understand your options and develop a plan moving forward. Whether you’re looking for a new assessment framework or just need help evaluating your current security maturity, we’re here to help.
The sunsetting of the CAT marks the end of an era in cybersecurity assessment for financial institutions. But it’s not the end of the journey, it’s the beginning of a new phase, one that requires adaptability, strategy, and awareness.
So, whether you’re part of the 65% who came in after the storm or among those who remember navigating the early chaos, now is the time to come together, learn from the past, and prepare for what’s next. To learn more about what comes next, we invite you to join our webinar: Preparing for the Sunset of the CAT.
