Cybergovernance Journal Update – 11/13/2015
Members of the U.S. futures market will soon be measured against heightened cybersecurity standards geared towards enhancing incident preparation, prevention, and response among industry participants regulated by the National Futures Association (NFA)
Financial Services Superintendent Anthony Albanese said that his agency has surveyed more than 150 banks and 43 insurers since 2013 and has begun conducting risk assessments of financial institutions. They have concluded that “robust regulation” is needed.
Boards must effectively oversee and approve management’s cybersecurity risk planning. They need current and complete information about the company’s overall data protection program. Yet, a recent NACD survey found that only 12 percent of board members said they frequently receive briefings on cyber-preparedness. Over 60 percent of boards did not regularly receive such reports, and 26 percent rarely or never received them.