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Fed's lack of action let information security risks fester, watchdog finds

Original: Fed’s ‘collective lack of action’ let info security risks fester: OIG Governance of the central bank’s information secur

A report by the Federal Reserve's Office of Inspector General criticises the central bank's information security governance, saying unclear ownership and weak enforcement of controls allowed a 2024 security incident to remain unresolved for over a year. The OIG says a collective lack of action within the Fed let risks persist, raising questions about oversight at the US central bank.

Why now: The watchdog's critical findings about the US central bank's internal security failures are fresh and touch on trust in a key financial institution.

Federal ReserveOffice of Inspector General

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Evidence

• Fed’s ‘collective lack of action’ let info security risks fester: OIG Governance of the central bank’s information security program and enforcement of controls lack clarity, resulting in a 2024 incident “remaining unresolved for over a year,” an OIG report said. https://www.… · AlexJimenez@mas.to · 2

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