Cyber Security

SEC latest regulator to issue guidance on Heartbleed vulnerabilities

Cyber Data SecurityThe SEC joined the growing list of federal regulatory agencies and organizations warning banks and credit unions about the risks of cyberattacks.

Last week, the SEC released an outline detailing how agency examiners will assess preparedness for cyberattacks and the kind of information that might be requested of management.

Additionally, the SEC said in its outline that examiners will assess more than 50 firms on cybersecurity issues.

The announcement came just after reports of a vulnerability on OpenSSL servers dubbed “Heartbleed” began to emerge. The Federal Financial Institutions Examination Council alerted financial institutions about the vulnerability, and the FDIC issued a list of resources available to financial institutions to prevent and address security breaches.

The FTC and Justice Department also issued a policy letter to the Financial Services Sector Coordinating Council, urging private firms not to let antitrust concerns keep them from sharing cybersecurity data with other participants.

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