Editor’s Note: See CRE’s discussion paper, Creating a Cost-Effective Cyber Security Safe Harbor.
From: PYMNTS.com
A new plan, titled “Sheltered Harbor,” was unveiled by the primary trade groups that represent the financial services sector to help standardize data storage for retail accounts and strengthen cybersecurity defenses.
The Wall Street Journal reported that the plan is designed to help better protect the accounts of depositors and investors from cyberattacks. The standard is expected to go into effect in 2017 and will enable financial institutions to recover client information from another location if the primary institution experiences a malicious attack.
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