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MoFo Reenforcement The Enforcement Blog

Federal Banking Agencies Signal Enhanced Cyber Standards

Posted in Privacy, Regulatory Developments

On October 19, 2016, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the OCC (collectively, the Agencies) released an Advanced Notice of Proposed Rulemaking (ANPR) laying out a framework for enhanced cyber risk management standards that the Agencies are considering requiring of certain “large and interconnected” financial institutions.  The Agencies have not yet proposed specific standards in a formal proposed rule.  Instead, the Agencies have laid out a framework that they are considering and have requested comment on a series of questions that will inform a later, more specific proposal.

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