The FDIC is working to update its regime of resolving failing financial institutions to account for resolutions driven by cyber incidents, FDIC Chairman Jelena McWilliams said.
Speaking in London, McWilliams said a cyber-based resolution would present unique challenges due to the potential abruptness of a disruption, uncertainties on the severity of impact, and the reliability and accessibility of information required to conduct a resolution.
ICBA encourages community banks to join Sheltered Harbor, a not-for-profit industry initiative to protect against natural disasters and cybercrime. Co-founded by ICBA, the initiative enables financial institutions to back up critical customer account data each night, store it in a data vault, and restore it in the event of a disaster.
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