FDIC, Fed lack comprehensive view of cyber threats to their data, watchdogs say

24 July 2019 9:52pm
The US Federal Deposit Insurance Corp. and US Federal Reserve lack an overall view of cyber vulnerabilities in their agencies, potentially exposing them to theft of sensitive financial information about banks and individuals, according to internal watchdogs.

The FDIC inspector general has found security control weaknesses that “limited the effectiveness of the FDIC’s information security program and practices, and placed the confidentiality, integrity and availability of the FDIC’s information systems and data at risk,” a report released today synthesizing the internal reviews said.

For example, the FDIC hasn’t “fully defined or implemented” an integrated approach to identifying internal and external risks, said the Council of Inspectors General on Financial Oversight’s annual report of US regulators’ top management and performance challenges.