FDIC, OCC Warn Against ‘Heightened Cybersecurity Risk’

January 21, 2020

The FDIC and the Office of the Comptroller of the Currency issued a joint statement last week in response to the heightened cybersecurity risk facing the financial services industry and other critical business sectors.

The statement focuses on risk management principles that can reduce the risk of a cyber attack and minimize business disruptions. The statement says the current environment provides an opportunity for banks to re-evaluate the adequacy of safeguards to protect against various types of cybersecurity risk.

“When banks apply cybersecurity risk management principles and risk mitigation techniques, they reduce the risk of a cyber attack's success and minimize the negative impacts of a disruptive and destructive cyber attack,” the agencies said.

The agencies provided cybersecurity principles that focus on business resilience, authentication, system configuration, security tool, data protection and employee training.

Earlier this month, The U.S. Department of Homeland Security (DHS) and New York State Department of Financial Services (DFS) also issued guidance to companies on securing computer networks.

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