FDIC Chairman Jelena McWilliams says the agency could fine a bank that suffers a major breach after failing to fix weak cyber defenses flagged by the FDIC
"It's something we take very seriously," McWilliams said during an interview this week. Capital One , which is not regulated by the FDIC, recently revealed a massive cyber breach that exposed sensitive information on more than 100 million customers.McWilliams, a Trump-appointed regulator who helps oversee about 4,000 mostly smaller lenders, said the FDIC could fine a bank that suffers a major breach after failing to fix weak cyber defenses flagged by the agency.
An FDIC spokeswoman told CNN Business that the agency has in the past taken enforcement actions against banks for IT-related issues, including for failure to monitor third-party service providers. The FDIC declined to say whether those actions included fines. McWilliams noted that the FDIC has"limited ability" to examine third-party service providers.In the Capital One breach, the hacker exploited a misconfigured web application firewall, according to authorities.
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