Federal Banking Regulators Seek Comment on Enhanced Cyber Risk Management Standards

  Image Source: Google Images

Image Source: Google Images

The Board of Governors of the Federal Reserve (“Fed”), the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (“FDIC,” and collectively “the agencies”) have issued a joint advance notice of proposed rulemaking (“Notice”) related to enhanced cyber risk management, and are seeking comments by January 17, 2017. Citing the interdependence of the U.S. financial system and its reliance on technology, the agencies have set forth a proposed regulatory framework that would transform existing cybersecurity-related guidance into binding standards to which certain entities would be required to adhere. 

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