Cybersecurity Regulations and Compliance for Banks: Navigating Global Standards and Best Practices
Ralph A. Young · Productivity Press eBooks · 2025
The banking sector is one of the most heavily regulated industries globally, and for good reason. Financial institutions handle vast amounts of sensitive data, including personal and financial information, making them prime targets for cyberattacks. As cyber threats continue to evolve, regulatory bodies worldwide have established stringent cybersecurity regulations and compliance requirements to ensure the protection of customer data and the stability of the financial system. This chapter provides a comprehensive overview of the key regulatory frameworks that banks must navigate, including the General Data Protection Regulation (GDPR), the Digital Operational Resilience Act (DORA), the Payment Card Industry Data Security Standard (PCI DSS), the Gramm-Leach-Bliley Act (GLBA), and the Sarbanes-Oxley Act (SOX). Additionally, we explore the requirements set forth by US regulators such as the Federal Financial Institutions Examination Council (FFIEC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), and the Federal Deposit Insurance Corporation (FDIC). We also delve into the implementation of data privacy controls in banking operations, the process of achieving and maintaining SOC 2 and ISO 27001 certifications, and the challenges associated with cross-border data transfer issues.