During a July meeting of the Treasury Department’s Financial and Banking Information Infrastructure Committee, members of the Securities and Exchange Commission (SEC) shared updates about new approaches to cybersecurity which will affect publicly traded companies companies in the US, including banks for which the SEC has jurisdiction. More regulatory oversight is on the way from the SEC as they are staking their claim on their right to review consumer privacy and data protection practices. For the past year, attorneys as well as cyber consultants have warned that the SEC will be taking a more hands-on approach to cybersecurity.  SEC Chairwoman White, stated that cybersecurity is one of the biggest risks facing the financial system today.

Publicly traded banks and other businesses need to be proactive in order to be ready for these changes when they happen. They will need to make sure that they are prepared to answer SEC examiners questions about their risk assessment practices as well as their incident response plans. If you need help in preparing a risk assessment or an incident response plan, please contact a certified GraVoc employee!

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