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FDIC Incurs 54 Confirmed and Suspected Breaches in 2 Years

Office of Inspector General takes the Federal Deposit Insurance Corporation to task for its response to breaches.

Cyber attackers waged 54 suspected and confirmed breaches on the Federal Deposit Insurance Corporation (FDIC) from 2015 to 2016, but the agency took an average of more than nine months to notify the estimated 113,000 individuals who were potentially affected, according to a recently released report by the FDIC Office of Inspector General.

The Chairman of the Senate Committee on Banking, Housing, and Urban Affairs called for the FDIC audit out of concerns raised by the data breaches that occurred between January 2015 to December 2016.

In conducting the sample audit, which reviewed 18 of the 54 suspected and confirmed breaches, the Office of Inspector General delved into the FDIC's processes for evaluating potential risk to individuals' personally identifiable information following the breaches, its notification processes, and the services that it provided to individuals post-breach.

"The implementation of these processes was not adequate," the report states. The Office of Inspector General found the FDIC failed to complete key breach investigation steps, adequately document key assessments and decisions, and track and report key breach response metrics, according to the report.

Read more about the FDIC report here.

  

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