OCC Updates Cyber Audit Rules for Banks

The Office of the Comptroller of the Currency (OCC) has updated its framework for how it audits bank cybersecurity. While this sounds like a back-office banking move, it directly impacts any retailer or service provider that offers financing through a national bank. These updates ensure that lenders are following the latest federal standards for data protection and infrastructure security. For business owners, this means your lending partners are under tighter scrutiny regarding how they handle the digital side of loan applications and customer data. The update specifically aligns the OCC’s work program with the latest National Institute of Standards and Technology (NIST) standards. While the OCC stated that no new procedures were added, the move signals a more modern approach to spotting digital vulnerabilities. Retailers should expect their lending partners to be increasingly diligent—and perhaps more demanding—regarding data security protocols and third-party integrations. As banks tighten their cyber-defenses to satisfy federal examiners, the technology you use to process financing in-store or online must remain compliant and secure to avoid service interruptions.

Source: PYMNTS

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