United States:
OCC Publishes Semiannual Risk Perspective, Identifies Cybersecurity And Fintech As Key Risk Areas For Banks
09 March 2018
by
Daniel J. McLoon
,
Mauricio Paez
,
Richard Johnson
,
Jonathon Little
,
Todd McClelland
,
Jeff Rabkin
,
Lisa M. Ropple
,
Adam Salter
,
Toshiaki Takahashi
,
Undine Von Diemar
,
Olivier Haas
,
Jörg Hladjk
and
Anand Varadarajan
Jones Day
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On January 18, the U.S. Office of the Comptroller of the
Currency ("OCC") released its Semiannual Risk Perspective for
Fall 2017 and identified several key data and privacy risk areas
facing banks and other financial institutions today. The OCC found
that the severity of cyber threats has increased and that criminals
continue to target personal information in aggressive, innovative
new ways. The OCC also warned that institutions' over-reliance
on a few third-party servicers creates the risk of
"concentrated points of failure" should one of these
servicers suffer a data breach or other cyberattack.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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