Enhanced training will help examiners better determine if banks are prepared to handle growing cyberthreats.
Federal and state agencies charged with regulating the nation’s banks are pulling out the stops to ensure that financial institutions are equipped to handle cyberthreats.
At New York’s Department of Financial Services, plans are underway to boost training for bank examiners, and the department plans to hire several professionals who “have more of a cyberbackground than the average examiner,” department Superintendent Benjamin Lawsky told The Wall Street Journal.
In Illinois, the state’s Department of Financial and Professional Regulation offers examiners training courses on a variety of IT- and cyber-related topics, including network security and corporate account takeovers, the WSJ also noted. This type of fraud occurs when cyberthieves steal employees’ sensitive credentials and use that information to hijack corporate systems and carry out fraudulent transactions.