The Federal Deposit Insurance Corporation is the latest entity to release a framework for cybersecurity. Its division of risk management supervision published the document in the most recent issue of its supervisory highlights. It outlines the risk to financial institutions and “is helpful for understanding the FDIC’s cybersecurity focus and the issues upon which it expects banks subject to its supervision to focus,” according to Timothy Tobin and Katherine Gasztonyi of Hogan Lovells. Here are some of the document’s key passages:
• Corporate governance: “A bank should evaluate and manage cyber risk as it does any other business risk,” according to the FDIC. It notes that boards play a key role in overseeing programs to protect data and highlights that it is up to them to create a corporate culture that prioritizes cybersecurity.
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