This report covers the Board’s policies and procedures related to cybersecurity risk management; activities to address cybersecurity risks; current and emerging risks.
On August 1, 2023, the Federal Reserve released its 2023 Cybersecurity and Financial System Resilience Report.
This report is mandated and describes the steps the Fed has taken to bolster cybersecurity within the financial services sector and its supervision and regulation of financial institutions and service providers across the most recent fiscal year.
The report describes current and emerging threats to the financial system, including (i) geopolitical tensions and accompanying cyberattacks; (ii) cyber-criminal activity involving ransomware as a service, targeting of authentication mechanism weaknesses, and collaboration among cyberthreat actors; (iii) increasing potential of a supply chain or third-party attack; (iv) cyber risks associated with third-party providers; (v) insider threats; and (vi) other emerging technology-related threats, such as risks inherent to machine learning and quantum computing capabilities.
For additional details on the FY23 report see link: https://www.federalreserve.gov/publications/cybersecurity-and-financial-system-resilience-report.htm
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