Mmastodon BusinessBanking first seen 16 h ago, last 1 h ago, peak #3

Fed's inaction let security risks fester, watchdog finds

Original: Fed’s ‘collective lack of action’ let info security risks fester: OIG Governance of the central bank’s information secur

A report from the Federal Reserve's Office of Inspector General says the central bank's information security governance and enforcement of controls lack clarity, and criticizes a 'collective lack of action' across the organization. The review found a 2024 security incident remained unresolved for over a year, renewing scrutiny of how the US central bank manages its own cybersecurity.

Why now: A critical OIG report on the Federal Reserve's information security shortcomings was just released, drawing attention to governance failures at a major institution.

Federal ReserveOffice of Inspector General

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Evidence

• Fed’s ‘collective lack of action’ let info security risks fester: OIG Governance of the central bank’s information security program and enforcement of controls lack clarity, resulting in a 2024 incident “remaining unresolved for over a year,” an OIG report said. https://www.… · AlexJimenez@mas.to · 2

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