Tags: report | FDIC | breach

Report: FDIC Thinks It Was Breached Over 50 Times in 2 Years

Report: FDIC Thinks It Was Breached Over 50 Times in 2 Years
(George Rose/Getty Images)

By    |   Friday, 06 October 2017 11:51 AM

The Federal Deposit Insurance Corporation had over 50 suspected breaches in 2015 and 2016, according to a report from the Inspector General.

"The FDIC directly examines and supervises about 4,000 banks and savings banks for operational safety and soundness, more than half of the institutions in the banking system," reads the agency's website.

In its investigation, the IG reviewed 18 of 54 "suspected or confirmed" breaches, six of which were described as "major incidents," finding that the FDIC failed to "complete key breach investigation activities (i.e., impact/risk assessments and/or convene the DBMT) within the timeframes established" by response guidelines.

"The FDIC did not have sufficient resources in place to address the dramatic increase in breach investigation activities and notifications to affected individuals in 2016. In addition, according to FDIC internal assessments, those charged with investigating PII-related breaches did not always have the necessary skills and training to ensure the successful performance of their duties. The weaknesses described in this report can increase the risk of harm to individuals affected by a breach, expose the FDIC to increased risk, and impair the Corporation's ability to comply with statutory and federal policy requirements," the report reads.

"The longer it takes to complete breach investigation activities and notify potentially affected individuals, the greater the risk of harm that may come to individuals because they cannot quickly take proactive actions to protect themselves," the report notes.

Five of the cases examined had personal information at risk, but the victims were not notified for months.

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The Federal Deposit Insurance Corporation had over 50 suspected breaches in 2015 and 2016, according to a report from the Inspector General.
report, FDIC, breach
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2017-51-06
Friday, 06 October 2017 11:51 AM
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