Respondents to the
Global Regulatory Outlook (GRO) 2017 survey consistently stated
that they are focused on cybersecurity. Cyber breaches have become
an unwelcome staple of our era.
Although financial institutions have traditionally handled
cybersecurity and AML separately, U.S. regulators have come to
expect that financial institutions will take a holistic view of
cyber threats and incorporate information about cyber-events and
cyber-enabled crimes in Suspicious Activity Reports.
"Financial institutions are particularly attractive targets
for cyber attacks, given their massive store of sensitive data
accessible on electronic information systems. Cyber security has
thus emerged as a high priority for financial regulators," as
Sharon Cohen Levin, Partner at WilmerHale explains.
