OCC BULLETIN 2015-40
Date: November 3, 2015
To: Chief Executive Officers of All National Banks, Federal Branches and Agencies, and Federal Savings Associations; Technology Service Providers; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Description: Joint Statement on Cyber Attacks Involving Extortion
The Federal Financial Institutions Examination Council (FFIEC),1 on behalf of its members, has issued a statement to notify financial institutions of the increasing frequency and severity of cyber attacks involving extortion. Financial institutions face a variety of risks from cyber attacks involving extortion, including liquidity, capital, operational, compliance, and reputation risks, resulting from fraud, data loss, and disruption of service. The FFIEC statement reinforces the importance of maintaining effective programs to identify, protect against, detect, respond to, and recover from these types of attacks.
Consistent with FFIEC and member guidance, financial institutions should consider taking the following steps.
Please contact Valerie Abend, Senior Critical Infrastructure Officer, Operational Risk Division, at (202) 649-6550.
Bethany A. Dugan
1 The FFIEC comprises the principals of the following: The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, and State Liaison Committee.