Cyber Security, Regulation

FDIC to launch Cyber Challenge for banking institutions

150px-US-FDIC-Logo.svgFDIC Chairman Martin Gruenberg announced last week that the regulator plans to launch the “Cyber Challenge” to help banks prepare for cybersecurity risks.

“Recognizing that addressing cyber risks can be especially challenging for community banks, the FDIC is taking steps to assist them with planning and training,” Gruenberg said during a hearing before the Senate Banking Committee on Thursday.

In November, the FDIC discussed the Cyber Challenge, which provides financial institutions with four video scenarios. Each video is a standalone scenario, allowing institutions to choose the scenarios in their own desired order. Each video also features questions developed to promote discussion related to the specific scenarios and to help institutions develop the proper responses.

The FDIC plans to distribute Cyber Challenge to all FDIC-supervised entities “in the near future.”

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