On January 18, the U.S. Office of the Comptroller of the Currency ("OCC") released its Semiannual Risk Perspective for Fall 2017 and identified several key data and privacy risk areas facing banks and other financial institutions today. The OCC found that the severity of cyber threats has increased and that criminals continue to target personal information in aggressive, innovative new ways. The OCC also warned that institutions' over-reliance on a few third-party servicers creates the risk of "concentrated points of failure" should one of these servicers suffer a data breach or other cyberattack.
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.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.