OCC Says Cybersecurity Among Fastest-Growing Risk to Banks
|June 20, 2013|
The Office of the Comptroller of Currency’s Semiannual Risk Perspective cited put cybersecurity as the second biggest worry for bankers, right after struggles to maintain revenue.
The report said the increasingly sophisticated cyber threats, expanding reliance on technology and changing regulatory requirements are heightening lenders’ operational risk. Because of this, lenders must spend more resources to identify and mitigate the associated risks.
The effects of cyber attacks include reduced availability or diminished response times of online banking services, identity theft, fraud and theft of proprietary information, according to the OCC. The costs and resources needed to manage the risks continue to increase as the attacks broaden and intensify. Over time, the effects could expand as the capabilities and tactics of cyber criminals evolve.
ALTA’s Title Insurance and Settlement Company Best Practices provides guidance to title professionals on how to protect against cybercrime and safeguard non-public personal information.
Federal Trade Commission (FTC) Data Security Best Practices FTC Guidance on Privacy and Security FTC: Avoid ID Theft