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Cyber Security for the Bank Director: What You Need to Know
Executive Summary Information security is a familiar topic to the board of directors of every banking institution. Years ago, the Federal Financial Institutions Examinations Counsel (FFIEC) published guidance concerning securing banks against losses from cyber intrusions. The guidance is very explicit. The board is responsible for overseeing the development, implementation and maintenance of the institution’s information security program. The board should provide guidance and review management’s actions, as well as approve written information security policies and programs at least annually. The board also should review management’s annual report on its compliance with the privacy provisions of the Gramm-Leach-Bliley Act. Other...
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Vivian Maese is a partner in the New York office of Latham & Watkins. Ms. Maese is a member of the corporate department and financial institutions industry group. Her practice focuses primarily on complex technology transactions in the financial services industry, as well as regulatory compliance issues and intellectual property.