From: The National Law Review
Gregory Bautista, Austin R. Mazzella | Wilson Elser Moskowitz Edelman & Dicker LLP
In the midst of growing concerns over cyber-attacks on U.S. companies, federal banking regulators announced a proposal to enhance and standardize cyber risk management standards across the banking industry. The Advance Notice of Proposed Rulemaking (ANPR) was jointly issued by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on Wednesday, October 19, 2016.
The proposal details a planned regulatory scheme intended to help ensure resiliency in the face of a cyber-attack or adverse IT event, and to provide a practical framework for mitigating the potential consequences of an IT systems failure.
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