3 cybersecurity imperatives for financial firms in 2022

By Shardul Desai (January 19, 2022, 2:34 PM EST) — In the wake of cyberattacks by SolarWinds Corp. and Colonial Pipeline Co., the Biden administration has emphasized a move toward mandatory cybersecurity requirements.[1] In line with these efforts, in late 2021, federal agencies enacted final rules regarding cybersecurity requirements for the financial services industry.

The Federal Trade Commission amended its Gramm-Leach-Bliley Act safeguard rule to require FTC-regulated financial institutions to develop and implement detailed cybersecurity requirements as part of a security program. information.[2] The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corp. have issued cybersecurity incident notification requirements.[3]

Also, the United States…

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