From: Investment News
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“In cybersecurity, financial institutions share the same goal as regulatory agencies: maintaining the safety and soundness of the financial system by mitigating and protecting financial institutions and the sector from cybersecurity risks,” states the June 12 report. “Better coordination on cybersecurity regulation is needed to achieve this goal and enhance the resiliency of the sector. Given the risk of fragmentation and overlap, Treasury recommends that federal and state financial regulatory agencies establish processes for coordinating regulatory tools and examinations across sub-sectors.”
In testimony before a House Appropriations subcommittee Monday, Treasury Secretary Steve Mnuchin said the Financial Stability Oversight Council should step in to sort out cybersecurity responsibilities.
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