Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
News & Insights
In remarks before the U.S. Treasury Market Conference, Federal Reserve Board Vice Chair for Supervision Michael S. Barr identified and responded to challenges facing the Treasury market.
The Federal Reserve Board reported to Congress on cybersecurity risk management practices at financial institutions and efforts to address emerging risk.
The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.
Federal Reserve Board Governor Michelle W. Bowman cautioned banks about cybersecurity risks related to third-party technology firms and stressed the responsibility of banks to manage these risks.