On June 7, 2016, the US Federal Financial Institutions Examination Council issued a statement to remind financial institutions to actively manage risks associated with interbank messaging and wholesale payments networks in light of recent terror attacks. The statement does not contain new regulatory expectations related to IT risk management, but rather, alerts financial institutions as to specific risk mitigation techniques to prevent such attacks. The statement encourages financial institutions to review their risk management practices and controls, including authentication, authorization, fraud detection, and response management systems and processes.
The statement is available at: https://www.ffiec.gov/press/PDF/Cybersecurity_of_IMWPN.pdf .
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.
