Commerce associations representing banks and monetary corporations are apprehensive concerning the cybersecurity danger administration practices at federal regulatory companies.
Officers on the American Bankers Affiliation, the Financial institution Coverage Institute, the Managed Funds Affiliation and the Securities Business and Monetary Markets Affiliation just lately penned a letter to US Treasury Secretary Scott Bessent outlining their considerations, particularly highlighting the just lately disclosed cybersecurity breach of Workplace of the Comptroller of the Forex’s (OCC) electronic mail system.
“To deal with related challenges throughout all monetary regulatory companies, we encourage the Administration to implement the next suggestions:
(1) guarantee companies are held to the identical or substantively related safety and knowledge safety requirements anticipated of monetary establishments to incorporate transparency and accountability for upholding these requirements;
(2) allow corporations to retain and home their very own delicate knowledge wanted for regulatory engagement;
(3) enhance regulatory companies’ incident response processes to incorporate notification and communication with regulated establishments; and
(4) consolidate and streamline examinations carried out by the monetary regulatory companies to cut back the quantity of knowledge being shared.”
The commerce associations notice that “nation-state cyber adversaries” are more and more concentrating on federal companies, together with monetary regulators.
In regard to the OCC, hackers accessed almost 150,000 emails after first compromising the regulator’s system again in Might 2023, Bloomberg reports.
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