Cyber threats, risk management highlighted
at top-level meeting

July 20, 2016 – The current cyber threat landscape and developing common risk-based approaches among federal and state financial regulatory agencies to managing cybersecurity risk were on the agenda for discussion at the Tuesday meeting of the Financial and Banking Information Infrastructure Committee, attended by NASCUS leadership.

The committee (FBIIC) is chaired by the U.S. Treasury and consists of 18 member organizations from across the financial regulatory community, both federal and state. It was chartered under the President’s Working Group on Financial Markets following the terrorist attacks of Sept. 11, 2001 to “improve coordination and communication among financial regulators, enhance the resiliency of the financial sector, and promote public-private partnership.”

Those attending the Washington, D.C., session from NASCUS were Chairman Steve Pleger of the Georgia Department of Banking and Finance; Chairman-elect Mary Ellen O’Neill of the Connecticut Department of Banking; and NASCUS President and CEO Lucy Ito. The NASCUS group and NCUA are the only credit union system representatives on the committee

In addition to reviewing cyber threats and cybersecurity risk management, the group discussed efforts to increase information sharing among FBIIC member agencies. Securities and Exchange Commission (SEC) Chair Mary Jo White and Commodity Futures Trading Commission (CFTC) Chair Timothy Massad presented their agencies’ overall approaches to cybersecurity and an overview of applicable exams, rules, and other actions related to cybersecurity. Additionally, committee members were briefed on the results of recent cyber exercises, coordinated by FBIIC and Financial Stability Oversight Council (FSOC) member agency staff, which evaluated the impact of a cyber incident on financial stability.

Also attending Tuesday’s meeting was NCUA Board Chairman Rick Metsger.

Treasury press release: FBIIC June 19 meeting “readout”