Cybersecurity Outlook for Financial Institutions

Amy Hanna Keeney, Scott Jones, and David Katz of the Adams and Reese LLP Privacy, Cybersecurity and Data Management team discuss the hot topics in cybersecurity for financial institutions including:
• The FDIC and OCC’s new, proposed 36-hour notification requirement for security incidents
• Regulators’ renewed interest in the cyber health of the financial sector
• Recent changes to payment-related rules that require financial institutions and their customers to encrypt certain files/information
• Other things we can expect
Cybersecurity is and is going to remain a top concern for financial institutions over the next few years. This is especially so now that the prudential regulators are starting to take major steps to shape guidance and rules around how financial institutions manage cybersecurity programs and the payments world.