Are Banks Safe And Sound? It Depends On Their Vendors
March 12, 2014, 1:15 PM EDT
Law360, New York (March 12, 2014, 1:15 PM EDT) -- Federal banking regulators seem to have noticed that a sizeable proportion of unlawful cyber intrusions and data breaches begins at the vendor level. In an attempt to shore up these vulnerabilities, the Office of the Comptroller of the Currency issued its Guidance on Third-Party Relationships in October 2013. The Federal Reserve Board issued a similar guidance on Dec. 5, 2013. And the regulators are not letting dust gather on their new guidance.
In In re Fundtech et. al., (FDIC-13-0452b/ OCC-AA-NE-2013-106) (Dec. 9, 2013) the Federal Deposit...