Treasury Secretary Mnuchin Highlights Concerns Regarding Cybersecurity
On March 24, 2017, Treasury Secretary Steven Mnuchin gave a speech in which he identified cybersecurity as his primary concern regarding the financial sector. Secretary Mnuchin said in his remarks that ensuring a “safe and sound financial sector” requires cooperation and investment among the various financial regulators. The Secretary emphasized that he wants regulatory agencies to focus on incorporating cybersecurity in all oversight responsibilities.
In October, the federal banking agencies issued an ANPR (covered here) on enhanced cyber risk standards for certain large financial institutions. The ANPR represented a step toward a coordinated approach to cybersecurity regulation among financial regulators, though it is unclear whether the ANPR will progress to a formal proposal under the new administration.