The Federal Reserve Bank of New York has formed a team dedicated to strengthening the bank's “overall supervisory approach to cybersecurity,” according to a speech given by the bank's top regulator.
Sarah Dahlgren, the New York Fed's head of supervision, told a New York audience on Tuesday that the team would work to establish a new risk-based cybersecurity assessment framework and explore additional standards that could be set for supervised institutions.
The group is also reviewing current and emerging laws, regulations and guidance, and is continuing research on best practices.
Dahlgren cited risk management as the foundation for a “solid program.”
She went on to say that in relation to cybersecurity “we are at a pivotal moment” and that “we need to address cybersecurity before we see a catastrophic event, not analyze it afterward.”