Bank Regulators Issue Joint Statement On Heightened Cybersecurity Risk

In light of the increasingly heightened cybersecurity risk environment facing the financial services industry and other critical business sectors, on January 16, 2020, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a Joint Statement on Heightened Cybersecurity Risk (the Joint Statement) to remind supervised financial institutions to implement effective response, resilience, authentication, and system configuration controls that mitigate the risk of successful cyberattacks.

The Joint Statement follows the Department of Homeland Security announcement of heightened risk of cyberattacks hostile to U.S. interests due to increased geopolitical tension and the release of a report by staff of the Federal Reserve Bank of New York warning that a major cybersecurity attack could paralyze the entire U.S. financial system.