Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
A recent audit conducted by the FDIC’s Office of the Inspector General found that the agency “did not establish effective processes to acquire, analyze, disseminate and use relevant and actionable threat information to guide the supervision of financial institutions,” and identified several gaps in its threat sharing framework.
Five key factors for risk managers and C-suites in the year ahead.
The Cyber Risk Institute—a coalition of financial institutions and trade associations including the American Bankers Association—has updated its Financial Services Cybersecurity Profile.
Banks continue to feel a heightened sense of compliance and risk concern, according to the results of a new Wolters Kluwer survey.
The New York Department of Financial Institutions today recognized the Cyber Risk Institute’s Financial Services Cybersecurity Profile as an assessment tool that meets state cybersecurity regulations for banks and financial firms.
Effective cybersecurity practice means new focuses and a new culture for a digital age.
Speaking on a virtual panel at FT Live’s Global Banking Summit Wednesday, ABA President and CEO Rob Nichols addressed top risks and challenges facing the banking industry, including the shifting regulatory and policy environment.
Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee today that “the banking system is strong,” and that while “there are some issues to address in the capital markets, I wouldn’t say they rise to the level of grave systemic importance.” He did flag cyber risk as a key threat to financial stability.
With ransomware attacks increasing in frequency and sophistication, the FBI and the Cybersecurity and Infrastructure Security Agency yesterday issued a reminder to public and private organizations to remain vigilant and take precautions to reduce their susceptibility to ransomware during the holiday season.