Trade associations that represent banks and financial companies are concerned about the practices of cyber security risk management at federal regulatory authorities.
Civil servants of the American Bankers Association, the Bank Policy Institute, the Managed Funds Association and the Securities Industry and Financial Markets Association recently wrote a letter to the American Minister of Treasury Scott Bessent who describes their concerns, in particular the recently known Cybers Security -Instrumental Inbreaktebreukruitbreefpreach of the Cybers Security Institute) (OCC) (OCC) (OCC) (OCC) (OCC) (OCC) (OCC) (OCC) (OCC).
“In order to meet similar challenges for all financial regulatory authorities, we encourage the administration to carry out the following recommendations:
(1) Ensure that agencies are held to the same or substantively comparable standards for safety and data protection that are expected from financial institutions to include transparency and accountability for maintaining these standards;
(2) enable companies to retain and accommodate their own sensitive data that are necessary for the involvement of the regulations;
(3) Improve the incident response processes of the regulatory authorities to include notification and communication with regulated institutions; And
(4) Consolidate and streamlining exams carried out by the financial regulatory authorities to reduce the amount of data that are shared. “
The trading associations note that “nation -state cyber opponents” are increasingly focused on federal agencies, including financial supervisors.
With regard to the OCC, Hackers had access to nearly 150,000 e emails after they first endangered the regulator system in May 2023, Bloomberg reports.
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