Browsing: Cybersecurity

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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).”

Compliance and Risk

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.

Economy

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.

Cybersecurity

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.

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