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ARTICLE · 03 NOVEMBER 2016

Federal Banking Regulators Propose Cyber Risk Management Standards

Wilson Elser Moskowitz Edelman & Dicker LLP
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The proposal sets out the following principles that could dramatically expand the reach of financial industry regulators in the area of cybersecurity risk.

United StatesFinance and Banking
Gregory Bautista
Gregory Bautista
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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.

The proposed rules will apply to large financial institutions and "interconnected" entities that support operations throughout the information life cycle. Different tiers of restrictions will be developed depending on how critical a "covered entity" is to the financial institution's ability to

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