Commerce associations representing banks and monetary corporations are frightened 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 Trade and Monetary Markets Affiliation lately penned a letter to US Treasury Secretary Scott Bessent outlining their issues, particularly highlighting the lately disclosed cybersecurity breach of Workplace of the Comptroller of the Foreign money’s (OCC) e-mail system.
“To deal with related 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 related 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 cut back the quantity of information being shared.”
The commerce associations notice that “nation-state cyber adversaries” are more and more concentrating on federal companies, together with monetary regulators.
In regard to the OCC, hackers accessed practically 150,000 emails after first compromising the regulator’s system again in Could 2023, Bloomberg experiences.
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