Respondents to the Global Regulatory Outlook (GRO) 2017 survey consistently stated that they are focused on cybersecurity. Cyber breaches have become an unwelcome staple of our era.
Although financial institutions have traditionally handled cybersecurity and AML separately, U.S. regulators have come to expect that financial institutions will take a holistic view of cyber threats and incorporate information about cyber-events and cyber-enabled crimes in Suspicious Activity Reports.
"Financial institutions are particularly attractive targets for cyber attacks, given their massive store of sensitive data accessible on electronic information systems. Cyber security has thus emerged as a high priority for financial regulators," as Sharon Cohen Levin, Partner at WilmerHale explains.