Publication
Legal Alert – Federal Regulators Plan Cybersecurity Assessments for Certain Banks
by Richard H. Herold
Federal regulators have substantially elevated cybersecurity risk assessments as yet another monitoring tool. They now view risk assessments not just as relevant to mundane IT issues but as more fundamental for assessing operational risk relevant to the safety and soundness of the entire banking institution. Indeed, in a May 7, 2014 speech, Thomas J. Curry, the Comptroller of the Currency, noted “that some of the most significant losses banks have sustained in the last several years were attributable not to the loans they made but rather to lapses in operational risk management and the ensuing legal judgments, regulatory fines and reputational damage.”
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Founded in 1938, Snell & Wilmer is a full-service business law firm with more than 500 attorneys practicing in 16 locations throughout the United States and in Mexico, including Los Angeles, Orange County and San Diego, California; Phoenix and Tucson, Arizona; Denver, Colorado; Washington, D.C.; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Portland, Oregon; Dallas, Texas; Salt Lake City, Utah; Seattle, Washington; and Los Cabos, Mexico. The firm represents clients ranging from large, publicly traded corporations to small businesses, individuals and entrepreneurs. For more information, visit swlaw.com.
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