Federal Regulators Propose New Cybersecurity Rule for Big Banks
Hunton Privacy
OCTOBER 19, 2016
On October 19, 2016, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve System (the “Fed”) and Office of the Comptroller of the Currency issued an advance notice of proposed rulemaking suggesting new cybersecurity regulations for banks with assets totaling more than $50 billion (the “Proposed Standards”). The Proposed Standards address five categories of cybersecurity: cyber risk governance; cyber risk management; internal dependency management; external dependency managemen
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