From: BankInfoSecurity.com
More Information Sharing Needed in Wake of Breaches
By Tracy Kitten
Ongoing cyber-attacks waged against the financial infrastructure have exposed gaps that cybercriminals are exploiting. As a result, cyber-intelligence sharing, as well as oversight of third parties, should be priorities for banking institutions, according to the Financial Stability Oversight Council’s just-released annual report.
The FSOC, which is chaired by the Secretary of the Treasury, was established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act to identify risks to the financial stability of the United States and respond to emerging threats. Companies identified by the council as being systemically important to the financial system, even those that fall outside bank regulatory oversight, may be subject to regulation, supervision and examination by the Federal Reserve.
The council says regulators and the Treasury Department need to take steps to ensure that adequate cybersecurity precautions are being taken by banking institutions, market utilities, service providers and other third parties that could be targeted by cyber-attacks.
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