Alert June 11, 2013

FFIEC Announces Formation of Working Group on Cyber Attacks

On June 7, 2013, the Federal Financial Institutions Examinations Council (“FFIEC”) announced that it has formed a Cybersecurity and Critical Infrastructure Working Group.  This group will coordinate efforts among the FFIEC’s bank regulatory members (the FRB, FDIC, OCC, NCUA, CFPB and the State Liaison Committee) to combat the “growing sophistication and volume of cyber attacks,” according to the FFIEC. This announcement follows FRB Governor Sara Bloom Raskin’s statement in February 2013 that the frequency with which bank employees, commercial vendors and consumers access the banking system through laptop computers and mobile devices increases the likelihood that hackers may gain access to sensitive financial data, and also increases the amount of damage hackers can cause.