SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. related to the joint statement from the OCC, Federal Reserve and FDIC establishing updated procedures for handling sensitive bank data during the supervisory process:
“SIFMA applauds the statement issued yesterday by the federal banking agencies describing enhanced security procedures for reviewing highly sensitive information during supervisory examinations and committing to rapidly notifying affected banks of any potential or confirmed compromise of confidential supervisor information. These measures represent a practical and balanced approach to addressing the cybersecurity challenges associated with the collection, storage, and transmission of sensitive data. SIFMA looks forward to continuing to work with the federal banking agencies and other federal entities that may possess sensitive financial firm data on ways to enhance cybersecurity and resilience across the financial sector.”
