The FDIC will soon launch an exercise called “Cyber Challenge” to help banks prepare for cybersecurity risks, FDIC Chairman Martin Gruenberg said during a Senate Banking Committee hearing. “Recognizing that addressing cyber risks can be especially challenging for community banks, the FDIC is taking steps to assist them with planning and training,” he said.
Cyber Challenge was previously discussed at the FDIC’s November meeting of its Advisory Committee on Community Banking. The exercise will provide financial institutions with four scenarios via short videos. Each video will present a standalone scenario and associated “challenge questions” to help bank leaders discuss how they would react and how their institutions would be affected.
The FDIC will distribute Cyber Challenge to all FDIC-supervised banks “in the near future.” In addition to covering data security, the hearing featured testimony from regulators on progress with Dodd-Frank Act rulemakings.