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ABA-Basel Committee Urges Banks to Up Their Cyber Risk Preparedness.

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ENPNewswire-September 22, 2021--ABA-Basel Committee Urges Banks to Up Their Cyber Risk Preparedness

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Release date- 21092021 - With cyber incidents continuing to pose a threat to the financial system, the Basel Committee on Banking Supervision this week called on banks to improve cyber threat resilience.

In a newsletter, the committee promoted the widespread adoption of measures to strengthen cybersecurity, following principles released earlier this year on operational resilience and operational risk.

'Since the onset of the COVID-19 pandemic, [cyber security]concerns have heightened,' according to the committee's newsletter. 'Remote working arrangements and increased provision of financial services using digital channels have enlarged banks' attack surfaces. This means that malicious actors, who have become increasingly sophisticated, have more points of access to banks' systems. Targeted attacks on banks' third-party service providers, including third-party software banks commonly use and intragroup entities, are also a stark reminder that cyber security measures should take into account operational...

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