Among the financial regulator’s biggest challenges, IT modernization and cybersecurity topped the list.
By Aaron Boyd
The Federal Deposit Insurance Corporation could solve its top three most pressing challenges by addressing issues with its oversight of cybersecurity and emerging technologies, according to a report from the agency’s inspector general.
“The FDIC plays a critical role in maintaining the stability of our financial system, and in protecting the savings of millions of Americans,” FDIC Inspector General Jay Lerner wrote, noting the agency insures more than $7.4 trillion at some 5,400 banks. In order for the FDIC to meet this mission, the agency must ensure the security of its own systems, as well as the systems of the banks it oversees.