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When it comes to judging a bank’s system security method, examiners depend excessively on bank testimonials due to understaffing and the IT expertise necessary to make risk assessments.

That’s according to a new report, “The FDIC’s Supervisory Approach to Cyberattack Risks,” conducted by the FDIC Office of Inspector General, an independent unit that conducts audits, investigations and other reviews of FDIC programs and operations.

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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