By Frances Zelazny, BioCatch

Last fall, the Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed new rules for enhanced cyber risk management standards. These latest standards follow existing federal legislation and regulation dating back to 1978 for risk assessment and management in the banking sector.

At the same time, the Department of Financial Services in New York is developing new rules to provide minimum requirements and deadlines for financial institutions doing business in the state. Ongoing reports of hacks ensure that there will be pressure to continue to strengthen cybersecurity guidelines and protect consumers from fraud, identity theft, ransomware and other cybercrimes.

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