US Federal Financial Institutions Examination Council Issues Statement On Cybersecurity Of Interbank Messaging And Wholesale Payment Networks

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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...
United States Finance and Banking

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 .

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