Jay Clayton, Senior Policy Advisor and Of Counsel to Sullivan & Cromwell and former Chairman of the Securities and Exchange Commission, spoke at the Federal Reserve Bank of Cleveland’s Managing Cyber Risk from the C-Suite Conference, which updated senior banking executives and their boards on managing cybersecurity risk. Jay participated in the fireside chat “Cyber Risk and Financial Stability” moderated by Neel Kashkari, President of the Minneapolis Federal Reserve Bank. President Kashkari and Jay engaged in a wide ranging discussion about cyber risks facing the public and private sectors and how they should prepare for and respond to cybersecurity incidents.
During the discussion, Jay discussed methods that boards of directors of financial institutions can utilize to fulfill their obligations regarding cybersecurity risks, including empowering management to be comfortable turning to outside consultants to perform penetration tests, benchmarking their cybersecurity measures against other companies and engaging with peers and regulators.
Click here to watch the full discussion.
Jay Clayton is S&C’s Senior Policy Advisor and Of Counsel. Jay served as the Chairman of the U.S. Securities and Exchange Commission from May 2017 to December 2020, and his practice centers on governance, markets, regulatory and legislative matters.
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