Navigating The Dynamic Financial Services Cybersecurity Regulatory Landscape

The U.S. financial services regulatory landscape is in a state of constant flux. Organizations face a myriad of proposed changes over the next few years, signalling a recognition of the sector's role in critical infrastructure and the increasing importance that regulators are placing on cybersecurity.

Organization leaders and board members should view the proposed changes, which call for greater transparency into cybersecurity incident and risk management, as an opportunity to drive wider security improvements and organizational resilience.

In the U.S., three major cybersecurity regulations have already affected or will affect the financial services sector:

1. The Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA) requires U.S. critical infrastructure sectors to report substantial cyber incidents and ransomware payments to the U.S. Cybersecurity and Infrastructure Security Agency (CISA).