Rodge Cohen Discusses Regulation Environment and Cybersecurity on Fox Business’ Risk and RewardMarch 24, 2015
On March 24, Fox Business' Deidre Bolton spoke with Mr. Cohen on Risk and Reward regarding the relationship between banks and regulators, as well as cybersecurity. On why the current regulation environment is the tensest of his career, Mr. Cohen said, “[W]e have this extraordinary array of new regulations and heightened regulatory expectations. A lot of unanswered questions, and that creates confusion, and that in turn creates tension.” On the topic of future risks to the banking system, Mr. Cohen said, “Other than cyber, I really don't see that type of risk, because the banks are so much better capitalized, have so much more liquidity, and have such improved risk management systems.” Mr. Cohen spoke further on his concerns over the threat of cyber crime to the financial system, saying that data safety is among his highest worries, partially due to the fact that nobody knows how dangerous threats could become. When asked if banks are spending enough to protect their data systems, Mr. Cohen said it is less about what they are spending and more about the necessity to create a coordinated program involving both the government and the private sector, along with meaningful legislation to help facilitate the program.