Derek Taylor Featured in GT News EU says banks must declare cyber security breaches

Derek Taylor, Managing Director in the Compliance and Regulatory Consulting practice, was quoted in GT News, in an article discussing about how banks will be forced to reveal any cyber breaches or risk facing penalties. U.S. banks already follow a similar procedure.

Derek said, "U.S. banks have stolen a significant march on British and European firms when strengthening their cyber defences in the last year. U.S. investment in cyber defence strategies have largely been driven by recent regulatory developments across the pond....In particular, the Commodities and Futures Trading Committee (CFTC) and the New York state financial regulator have both outlined extremely detailed cyber security legislation directed at the country’s financial services sector".

He added that the change to rules in Europe are "a welcome step forward in ensuring future transparency."

The article is available on the GT News website.

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