Report: FDIC requires to enhance hazard info showing banks

The FDIC might enhance the efficiency of its procedures to make sure that banks get actionable and appropriate info about hazards and vulnerabilities arising from cyberattacks, monetary criminal offenses and natural catastrophes, the company’s Office of Inspector General stated in a brand-new report launched today.

The report is a follow-up to a 2022 evaluation that concluded the FDIC had actually not developed reliable procedures to examine and distribute actionable hazard info to the banks it monitors. Also, the American Bankers Association in 2015 dealt with the FDIC OIG to perform a study of interested ABA members on the worth and efficiency of the company’s program for sharing hazard info.

In the brand-new report, which is partly redacted, the OIG still discovered the company doing not have in its capability to share info about hazards, both cyber and non-cyber associated. The workplace made 10 suggestions to enhance the FDIC’s procedures, and the company promised to finish all restorative actions by March 31, 2024. They consist of enhancing controls over the recording of computer system security events reported by banks and company, developing treatments for sharing non-cyber-related hazard info, and establishing efficiency procedures for the company’s external hazard sharing activities.


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

Related Articles

Back to top button