Commerce associations representing banks and monetary corporations are anxious in regards to the cybersecurity threat 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 not too long ago penned a letter to US Treasury Secretary Scott Bessent outlining their issues, particularly highlighting the not too long ago disclosed cybersecurity breach of Workplace of the Comptroller of the Forex’s (OCC) electronic mail system.
“To deal with 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 information 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 information 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 performed 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 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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