Major Banks Limit Data Sharing With OCC After Cyber Breach

Following a significant breach of the Office of the Comptroller of the Currency (OCC) email system, major banks like JPMorgan Chase and Bank of New York Mellon have paused electronic data sharing with the agency. The breach, described as a 'major incident' by the OCC and U.S. Treasury, allowed unauthorized access to over 100 accounts for more than a year, raising concerns about the exposure of sensitive financial and cybersecurity information. The hackers potentially accessed more than 150,000 emails, leading to fears of targeted cyberattacks against banks. While Citigroup has not restricted its data-sharing practices, other banks including Bank of America and Goldman Sachs have not confirmed their actions. The OCC is collaborating with cybersecurity firms to assess the breach's impact and improve security measures. This incident has prompted scrutiny regarding the adequacy of the OCC's initial response and safeguards.