Enhanced Cyber Risk Management Standards
The Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation have announced intentions to establish enhanced cyber risk management standards. In keeping with Cyber Security Awareness Month, the following statement was issued by the Federal Reserve:
“The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), (collectively, the agencies) are inviting comment on an advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards (enhanced standards) for large and interconnected entities under their supervision and those entities’ service providers.
The agencies are considering establishing enhanced standards to increase the operational resilience of these entities and reduce the impact on the financial system in case of a cyber event experienced by one of these entities.
The ANPR addresses five categories of cyber standards: cyber risk governance; cyber risk management; internal dependency management; external dependency management; and incident response, cyber resilience, and situational awareness. The agencies are considering implementing the enhanced standards in a tiered manner, imposing more stringent standards on the systems of those entities that are critical to the functioning of the financial sector.”
Comments must be received by January 17, 2017.
You may submit comments, identified by Docket No. R-1550 and RIN 7100-AE-61 by any of the following methods:
• Agency Web Site: HYPERLINK "http://www.federalreserve.gov" http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
• E-mail: [email protected]. Include docket and RIN numbers in the
subject line of the message.
• FAX: (202) 452-3819 or (202) 452-3102.
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