Federal Banking Agencies Issue New Guidance to Enhance Cybersecurity for Sensitive Bank Data

Federal banking agencies, including the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation, have established updated procedures for handling sensitive bank data during the supervisory process. This joint statement outlines a coordinated approach to identifying highly sensitive data and documents, and discusses enhanced procedures for their review to reduce cybersecurity risks while ensuring agencies maintain access during examinations. This development has national regulatory implications for financial institutions and cybersecurity.