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.[1] 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.[2] 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.[3]

Additionally, the U.S....

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