3 Cybersecurity Imperatives For Financial Cos. This Year
By Shardul Desai (January 19, 2022, 2:34 PM EST) -- Following the SolarWinds Corp. and Colonial Pipeline Co. cyberattacks, the Biden administration emphasized a shift toward mandatory cybersecurity requirements. Consistent with those efforts, at the end of 2021, federal agencies promulgated final rules concerning cybersecurity requirements for the financial services sector.
The Federal Trade Commission amended its Gramm-Leach-Bliley Act Safeguards Rule to require FTC-regulated financial institutions to develop and implement detailed cybersecurity requirements as part of an information security program. The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corp. issued cybersecurity incident notification requirements.
Additionally, the U.S....
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