The cybersecurity practices of federal agencies are causing concern among the trade associations that represent banks and financial companies.
The American Bankers Association (ABA), the Bank Policy Institute (BPI), the Managed Funds Association and the Securities Industry and Financial Markets Association sent a letter outlining their concern to US Treasury Sec. Scott Bessent, highlighting the recent disclosure of a cybersecurity breach of the Office of the Comptroller of the Currency’s email system.
[1] ensure that agencies adhere to security and privacy standards similar to or identical to those expected by financial institutions, including transparency and accountability in the enforcement of these standards.
(2) allow firms to store and retain their own sensitive information needed for regulatory engagement
(3) Improve regulatory agencies’ response to incidents by including notification and communication of regulated institutions in the process; and
“(4) Consolidate and streamline the examinations performed by financial regulatory agencies in order to reduce the data that is shared.”
Trade associations have noted that cyber-adversaries from “nation states” increasingly target federal agencies including financial regulators.
Bloomberg reported that hackers gained access to nearly 150 000 emails in the OCC’s case after first hacking the regulator’s system way back in 2023.
Please follow us on X.
Subscribe for email alerts to avoid missing a beat
___________________
___________________
Sources of Images include Pixabay Creative Commons & Midjourney
As new information becomes available, this post US Banks “Deeply concerned” About Cybersecurity After Attack on Top Financial Regulator could be updated.
This site is for entertainment only. Click here to read more
