House Science, Space And Technology Committee Examines FDIC Cybersecurity

The House Science, Space and Technology Committee (the "Committee") released an interim staff report containing preliminary findings of an investigation into the cybersecurity posture of the FDIC. The Committee held a hearing titled: "Evaluating FDIC's Response to Major Data Breaches: Is the FDIC Safeguarding Consumers' Banking Information?" to explore the implications of these findings.

The majority report concluded that:

• the FDIC Chief Information Officer created a "toxic work environment, misled Congress and retaliated against whistleblowers";
• the FDIC "deliberately evaded Congressional oversight"; and
• historically, the FDIC "experienced deficiencies related to its cybersecurity posture," and these deficiencies have been ongoing.