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Regulators issue ANPR on enhanced cyber risk management standards

A joint press release has been issued by the three federal banking regulatory agencies on their approval of an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply to large and interconnected entities under their supervision. The standards would apply as well to services provided by third parties to those entities. The standards would be tiered, with an additional set of higher standards for systems that provide key functionality to the financial sector. For these sector-critical systems, the agencies are considering requiring firms to substantially mitigate the risk of a disruption or failure due to a cyber event. FDIC Chairman Gruenberg issued a statement about the ANPR. Comments are due by January 17, 2017.

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