Federal Bank Regulators Increase Focus on Cybersecurity

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As banking regulators increase their focus on cybersecurity, they are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions Examination Council (FFIEC) launched a web page that combines available resources from the federal regulators on cybersecurity.

In addition to heightening institutions’ awareness of cybersecurity risks, the web page is intended to create a repository of prior FFIEC cybersecurity documents and guidance. The web page was established in conjunction with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau. The debut of the web page comes more than a month after we reported at some length on cybersecurity measures taken by the New York Department of Financial Services.

At a FFIEC webinar on May 7, 2014, titled “Executive Leadership of Cybersecurity,” Comptroller of the Currency Thomas J. Curry indicated that FFIEC member agencies would begin conducting cybersecurity assessments by the end of 2014 as part of the examination process. The Comptroller also focused on cybersecurity issues the following week at a speech delivered to the New England Council.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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