The Cyber Risk Institute—a coalition of financial institutions and trade associations including the American Bankers Association—has added an extension to its Cybersecurity Profile to address cloud security.
President Biden today reiterated the call for the private sector to remain vigilant against the threat of Russian cyberattacks targeting critical infrastructure entities, noting that “we need everyone to do their part.”
Since the start of the pandemic, banks have reported more sophisticated cyber attacks, said Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division at an industry event today.
A new proposal by the Securities and Exchange Commission today would create new requirements for public companies regarding the disclosure of cybersecurity incidents.
Cybersecurity and Infrastructure Security Agency Deputy Director Nitin Natarajan told bankers today at the American Bankers Association’s Washington Summit that the U.S. financial sector is not seeing any rise in cyberattacks from Russia, but urged bankers to report any suspicions of cyberattacks.
The American Bankers Association today joined the Bank Policy Institute and the Securities Industry and Financial Markets Association in a comment letter to the National Institute of Standards and Technology offering feedback on the NIST’s draft report on cybersecurity considerations for open banking.
A new survey from TD Bank and Strategic Treasurer found that 81% of bank respondents see cyber fraud as the top concern with respect to the global economy.
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
A recent audit conducted by the FDIC’s Office of the Inspector General found that the agency “did not establish effective processes to acquire, analyze, disseminate and use relevant and actionable threat information to guide the supervision of financial institutions,” and identified several gaps in its threat sharing framework.