OPERATIONAL RISK

Cyber & Data Security

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

Cybersecurity is the prevention of damage to, protection of, and restoration of data, systems and processes. Cybersecurity has three main components, data security, user security, and infrastructure security.

Data security is the concepts or strategies used to keep data secure. Data security focuses on protecting personally identifiable information (PII) from unauthorized access as one would see during a cyber breach or other significant cyber incident.

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

Cyber and Data Security News

Agencies propose standards for computer security incident notifications

Federal banking agencies issued a proposal that would require banks to promptly notify their primary federal regulator after a computer security incident. Alerts would be required for incidents that could result in a bank's inability to deliver services, jeopardize viability, or affect financial stability.

The proposed rule would require notification as soon as possible and no later than 36 hours after an organization determines an incident has occurred. It also would require service providers to notify affected banking organizations immediately when they experience computer security incidents that materially affect certain services.