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The
Office of Inspector General (OIG) at the Fed's Board of
Governors plans to release the audit in the fourth quarter, the
OIG said in a report on current and upcoming projects.
Fed Chair Janet Yellen is due to appear before a U.S. Senate
committee on Tuesday and will likely face questions about
cybersecurity breaches involving the central bank.
U.S. lawmakers have asked the Fed's New York branch for
information about how cyber criminals stole $81 million from a
New York Fed account held by the central bank of Bangladesh.
Lawmakers are also probing the Fed's own cybersecurity practices
after a Reuters report revealed more than 50 cyber breaches at
the Fed between 2011 and 2015.
"The growing sophistication and volume of cybersecurity threats
presents a serious risk to all financial institutions," the OIG
said in its report released on Monday.
Cyber thieves have targeted large financial institutions around
the world, including America's largest bank JPMorgan Chase & Co
<JPM.N>. The chair of the U.S. Securities and Exchange
Commission (SEC) said last month cybersecurity was the biggest
risk facing the financial system.
The OIG study due later this year could be the first public
report on how well the Fed is holding banks to rules that
require them to have effective information security programs.
Past studies posted on the Fed's website focused on the central
bank's overall cybersecurity practices or on the security of
particular information technology systems at the Fed.
(Reporting by Jason Lange; Editing by Marguerita Choy)
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