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Threat Intelligence

7/14/2016
09:40 AM
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FDIC Likely Hacked By China But Covered Up Breach, Report Says

A 2013 FDIC internal memo indicates a cover-up of China breach by employees to protect chairman's job.

US banking regulator Federal Deposit Insurance Corporation (FDIC) was likely hacked by China in 2010, 2011, and 2013, a congressional report says. An internal FDIC probe said this information was covered up by employees to protect job confirmation of chief Martin Gruenberg by US Senate, according to Reuters.  

The breach was first reported in May, but the latest information, based on a 2013 FDIC internal memo, points to China as the culprit with intruders reportedly after economic intelligence. The report added that even Sheila Bair was hacked likely by China when she was FDIC chairperson between 2006 and 2011.

However, cybersecurity expert Shane Shook, who was part of the hack probe, says he did not see evidence convincing enough to implicate China.

Gruenberg is scheduled to testify today on FDIC cybersecurity measures.

Read full story on Reuters.

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