EXECUTIVE ORDER – – – – – – – STRENGTHENING THE CYBERSECURITY OF FEDERAL NETWORKS AND CRITICAL INFRASTRUCTURE Source: Presidential Executive Order on Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure | whitehouse.gov
A hacker group known as the “Shadow Brokers” on Friday released a set of documents “that describe an alleged effort by the NSA to target two ‘service bureaus’ connected to the Society for Worldwide Interbank Financial Telecommunication, or Swift,” the Journal reported. “The Shadow Brokers documents allegedly show the NSA targeted but didn’t manage to…
Cybersecurity breaches can cause real harm to the operations and customers of financial companies. Source: How to Focus Cybersecurity Efforts on Financial Stability | Office of Financial Research
China adopted a cyber security law on Monday to counter what the government said were growing threats such as hacking and terrorism. Foreign business and rights groups expressed concern that the law could, for instance, bar foreign companies from certain sectors. The legislation, set to take effect in June 2017, includes requirements for security reviews…
Last week, the American Banker featured a podcast in which David Weiss, a senior analyst at Aite Group, discussed the IBM/Promontory deal and “how humans and artificial intelligence programs will interact in the field of bank regulatory compliance.”
The FRB, FDIC, and OCC jointly issued an advance notice of proposed rulemaking on “enhanced cyber risk management standards” for large banks and their affiliates [full text]. Among other things, the rule would mandate that all covered entities develop a cyber risk management framework for their businesses.
Banks need more specific guidance that clarifies requirements around vendor contracts, risk assessments, data management and other issues. Source: Regulatory Ambiguity Is Slowing Bank Adoption of Cloud Services | Bank Think
Swift is warning its member banks to quickly upgrade their software and security protocols for the global financial messaging system following a wave of new, recent hacks triggering more bank losses. Source: Swift Warns Banks to Speed Up Compliance Following Fresh Hacks | American Banker
Eight of the largest U.S. banks are forming a group that seeks to tackle the growing threat from cybercriminals. The group includes J.P. Morgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Bank of New York Mellon Corp., Citigroup Inc., Morgan Stanley, State Street Corp. and Wells Fargo & Co. Source: Big…
But the move could inflame concerns that there already weren’t enough options for traders, potentially exposing the market to a shutdown in the event of an outage at a large settlement firm. When evaluating at systemic risk, regulators look at (among other factors) whether there are alternatives available for market participants if a service becomes…
Next Practices 