Federal and state financial regulators have been briefed on the results of the latest Treasury-led cybersecurity exercise, which explored the risk of a banking system collapse resulting from a cyberattack.
Members of the Financial and Banking Information Infrastructure Committee (FBIIC), which comprises 18 federal regulators and state-level regulatory associations such as the Conference of State Bank Supervisors, met Tuesday in Washington, according to a brief readout provided by a Treasury official.
‘The Hamilton series of exercises are Treasury-led, coordinated with regulators through the FBIIC and with our partner agencies like DHS as well as the private sector,’ the official told Cyberscoop.
He declined to provide further details, but the readout says the exercise ‘evaluated the impact of a cyber incident on financial stability.’
The committee also received a briefing from the FBI, although no details were given, and talked through ‘the development of common risk-based approaches to managing cybersecurity risk, as was described in the latest annual report of the Financial Stability Oversight Council.’
The committee meets ‘three or four times a year,’ the official said.
‘Through these regular meetings,’ the readout states, the senior leaders of the nation’s banking and financial services regulators ‘coordinate inter-agency cybersecurity policy developments, including strengthening information sharing on cyber vulnerabilities, threats and incidents; furthering the adoption of cybersecurity best practices; and enhancing the financial sector’s ability to respond to and recover from cyber incidents.’