Wall Street Regulator Must Strengthen Cybersecurity, Says Inspector
The internal inspector of the US Consumer Financial Protection Bureau (CFPB) has revealed that the Wall Street regulator must strengthen its protections against hacking amid revelations of two major data breaches in recent weeks.
The CFPB, one of Wall Street’s top financial regulators which gathers sensitive information on banks, credit card companies, financial firms and even individuals as the government’s consumer financial watchdog has been warned that its cybersecurity posture could leave it vulnerable to hacking, according to Reuters.
According to the agency’s inspector general, the CFPB “has not fully implemented processes, such as data loss prevention technologies, within its internal network that would enable the agency to detect and better protect against unauthorized access to and disclosure of its sensitive information,” in a report.
The Securities and Exchange Commission – the country’s primary securities regulator – is also facing scrutiny and questions about information stolen last year from its filing system. The CFPB’s inspector general has claimed that the agency could also suffer similar intrusions.
According to the inspector general, the agency needs to move away from manually tracking system security with alerts and real-time continuous monitoring tools with automated feeds through security checks. The inspector general also added that the CFPB will be implementing a job succession plan to close the possible staffing and skill gaps as the agency’s first director leaves the agency.
Since its establishment five years ago, the CFPB has had to play catch-up in establishing efficient information systems that are resistant to cyber attacks. As criminal demand for stolen security numbers and other consumer details rises, federal agencies across the board are struggling to keep up with the significant rise in the sophistication and frequency of attempted intrusions.
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