Commerce associations representing banks and monetary companies are anxious 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 Trade and Monetary Markets Affiliation lately penned a letter to US Treasury Secretary Scott Bessent outlining their considerations, particularly highlighting the lately disclosed cybersecurity breach of Workplace of the Comptroller of the Forex’s (OCC) e mail system.
“To handle comparable 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 comparable safety and knowledge safety requirements anticipated of economic establishments to incorporate transparency and accountability for upholding these requirements;
(2) allow companies 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 scale back the quantity of knowledge being shared.”
The commerce associations observe that “nation-state cyber adversaries” are more and more focusing on federal companies, together with monetary regulators.
In regard to the OCC, hackers accessed practically 150,000 emails after first compromising the regulator’s system again in Might 2023, Bloomberg reports.
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