Federal Register: Banking Agencies Propose Enhanced Cyber Risk Management Standards

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the FDIC (collectively, the “Agencies”) requested comments on an Advanced Notice of Proposed Rulemaking (“ANPR”) that would enhance cyber risk management standards for large and interconnected entities under their supervision and those entities’ service providers. The agencies are considering more stringent standards for the systems of those entities that are most critical to the functioning of the financial sector in order to increase their operational resilience and reduce the impact they would have on the financial system if they experienced a cyber event. The request for comments was published in the Federal Register.

Comments on the ANPR must be submitted by January 17, 2017.