GAO sees room for improvement in bank cyber security exams

Written by Reuters
  • Reuters
  • 3 years ago


U.S. banking regulators must hire and train more examiners with technology expertise so they can give more useful cyber security recommendations to small and mid-sized banks, a federal watchdog agency has warned.

A new report from the U.S. Government Accountability Office identified the issue as one of several that banking regulators need to address as cyber security threats become more prevalent and sophisticated.

For example, the names, addresses, phone numbers and email addresses of some 83 million household and small business account holders were exposed last year when computer systems at JPMorgan Chase & Co were compromised by hackers, one of the biggest data breaches in history.

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