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07/16 07:00

US Banks ‘Deeply Concerned’ About Cybersecurity Ri

US Banks ‘Deeply Concerned’ About Cybersecurity Risk Following Attack on Top Financial Regulator

Trade associations representing banks and financial firms are worried about the cybersecurity risk management practices at federal regulatory agencies. Officials at the American Bankers Association, the Bank Policy Institute, the Managed Funds Association and the Securities Industry and Financial Markets Association recently penned a letter to US Treasury Secretary Scott Bessent outlining their concerns, specifically highlighting the recently disclosed cybersecurity breach of Office of the Comptroller of the Currency’s (OCC) email system. “To address similar challenges across all financial regulatory agencies, we encourage the Administration to implement the following recommendations: (1) ensure agencies are held to the same or substantively similar security and data protection standards expected of ..

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