FDIC Is Updating Its Cyber Security Policy After 2015 Data Breach

A congressional committee criticized the FDIC’s handling of more recent data breaches.

The U.S. Federal Deposit Insurance Corporation is updating cyber security policies after a 2015 data breach in which a former employee kept copies of sensitive information on how banks would handle bankruptcy, the regulator’s chief said on Thursday.

FDIC Chairman Martin Gruenberg also said he made personnel changes after receiving a report in 2013 informing him that he had not been fully briefed about the major compromise of the regulator’s computers by a foreign government in 2010 and 2011.

Gruenberg made the comments in prepared remarks for a hearing of the U.S. House of Representatives committee that on Wednesday said in a report that the FDIC covered up the 2010-2011 hacks, which the panel said also occurred in 2013 and were likely orchestrated by the Chinese government.

The FDIC is a major U.S. banking regulator that keeps confidential data on America’s biggest banks.

Source: FDIC Is Updating Its Cyber Security Policy After 2015 Data Breach – Fortune