The federal bank regulatory agencies, including the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), and Office of the Comptroller of the Currency (OCC), today issued a joint statement outlining enhanced security procedures for reviewing highly sensitive information during bank examinations. These new measures aim to reduce cybersecurity risks by emphasizing on-site review of materials rather than transferring them to agency systems.
The statement details a coordinated approach for identifying and handling highly sensitive data and documents. This ensures agencies maintain access to necessary information throughout an examination while protecting its confidentiality against unauthorized access or disclosure due to cybersecurity vulnerabilities.
The agencies have committed to promptly notify affected banks of any potential or confirmed material data breach involving confidential supervisory information. Such notifications will occur as soon as practicable, and no later than 72 hours after discovery, unless legal restrictions apply.