Banks rethink data sharing after breach

Following a significant email breach, JPMorgan, BNY Mellon, and Bank of America are reassessing their data transmission methods to the Office of the Comptroller of the Currency (OCC). The breach, described as a “major incident” by the OCC and U.S. Treasury, allowed hackers access to over 100 accounts within the OCC’s email system, potentially compromising sensitive information about financial institutions. As a result, JPMorgan and BNY Mellon have ceased electronic information-sharing, while Bank of America is exploring more secure channels. Concerns have been raised regarding the OCC’s handling of the incident, with many banks uncertain about the extent of the compromised data.