Regulatory Alerts2024-11-18
Added · Updated
Management of IT, Information Security, and Cyber Defense Risks
The Banking Supervision Department issued Circular C-06-2799 to consolidate and replace three previous directives regarding IT management, cyber defense, and supply chain cyber risk. The new directive establishes a principles-based framework requiring banking corporations to implement robust corporate governance, risk management, and information security controls. It mandates specific responsibilities for the Board of Directors and senior management while enforcing strict oversight of information assets, third-party risks, and incident management procedures.
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