Recognizing the ever-growing risk cyberattacks pose to the financial sector and the ever-increasing sophistication of such attacks, the federal Office of the Inspector General indicated that the Federal Deposit Insurance Corp. (FDIC) should make cybersecurity oversight a top priority in a recent report.
OIG describes the various elements of cybersecurity risk banks should account for and offers recommendations for how FDIC examiners can take a “nimble” regulatory approach designed to facilitate the implementation of better security protocols at institutions it oversees.
Find out more about what areas the FDIC has been urged to improve.