In legal documents we care about, The Office of the Comptroller and Currency (OCC) recently released its annual Cybersecurity and Financial System Resiliency Report. An independent bureau of the U.S. Department of the Treasury and led by the Comptroller of the Currency, the OCC regulates and supervises all national banks, federal savings associations, federal branches, and agencies of foreign banks.
In its report, the OCC clearly outlines concerns at the federal level that the MSPs can pose a risk to financial clients. “Service providers can pose a significant risk to their bank clients and the banking system if providers have operational or financial issues that affect the delivery of critical services,” the report states.
Why do we care?
I’ll focus on the call-out for service providers. The Treasury views them as a significant risk. That’s not a great place to be. The next step when an agency identifies risks is defining rules to offset that risk. Time will tell.