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US Banks Face New Demands by Regulators for Higher Cyber Risk Management Standards

U.S. bank regulators on Wednesday outlined cyber security standards meant to protect financial markets and consumers from online attacks against the nation's leading financial firms," Patrick Rucker reporting in Reuters: "Leading banks will be expected to use the most sophisticated anti-hacking tools on the market and to be able to recover from any attack within two hours… Banks with assets of $50 billion or more must satisfy the new rules that will be finalized in the months ahead."

"Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards," states the press release issued today by Federal Reserve: "The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are considering applying the enhanced standards to depository institutions and depository institution holding companies with total consolidated assets of $50 billion or more, the U.S. operations of foreign banking organizations with total U.S. assets of $50 billion or more, and financial market infrastructure companies and nonbank financial companies supervised by the Board. The proposed enhanced standards would not apply to community banks. The standards would be tiered, with an additional set of higher standards for systems that provide key functionality to the financial sector. For these sector-critical systems, the agencies are considering requiring firms to substantially mitigate the risk of a disruption or failure due to a cyber event."

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