Anti-money laundering staff employed by the country's largest banks may be asked to gauge the cyber-risks posed by their institutions' ties to third-party vendors under a federal plan pitched late last month, but the proposal's impact on compliance otherwise remains unclear. In a 50-page notice, the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said last month that they would soon impose "enhanced" cybersecurity rules on banks with $50 billion or more in assets to mitigate the threat of a major online attack on a single "interconnected" financial institution from enveloping the entire U.S....
Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.
At least 12 financial institutions are investigating suspected compromises of the interbank messaging platforms they use to resolve institutional payments, according to a former federal cybercrime prosecutor.
U.S. financial institutions are reevaluating their cybersecurity controls in light of increasingly complex online attacks aimed at stealing client funds and data, according to experts.
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