Enhanced Cyber Risk Management Standards

Enhanced Cyber Risk Management Standards

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2016-10-31

The Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation have announced intentions to establish enhanced cyber risk management standards. In keeping with Cyber Security Awareness Month, the following statement was issued by the Federal Reserve:

“The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), (collectively, the agencies) are inviting comment on an advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards (enhanced standards) for large and interconnected entities under their supervision and those entities’ service providers. 

The agencies are considering establishing enhanced standards to increase the operational resilience of these entities and reduce the impact on the financial system in case of a cyber event experienced by one of these entities. 

The ANPR addresses five categories of cyber standards: cyber risk governance; cyber risk management; internal dependency management; external dependency management; and incident response, cyber resilience, and situational awareness. The agencies are considering implementing the enhanced standards in a tiered manner, imposing more stringent standards on the systems of those entities that are critical to the functioning of the financial sector.” 

Comments must be received by January 17, 2017. 

You may submit comments, identified by Docket No. R-1550 and RIN 7100-AE-61 by any of the following methods:

• Agency Web Site:  HYPERLINK "http://www.federalreserve.gov" http://www.federalreserve.gov. Follow the instructions for submitting comments at  http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.

• Federal eRulemaking Portal:  http://www.regulations.gov. Follow the instructions for submitting comments.

• E-mail:  regs.comments@federalreserve.gov. Include docket and RIN numbers in the

subject line of the message.

• FAX: (202) 452-3819 or (202) 452-3102.

 

 

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Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

 

Tags: david lerner associates, cyber security, identity theft, debt,

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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