Fed's Bowman Addresses Community Bank Cyber Risks at Denver Workshop
Federal Reserve Governor Michelle Bowman delivered opening remarks focused on cybersecurity challenges facing community banks at a Denver workshop.
Federal Reserve Governor Michelle Bowman delivered pre-recorded opening remarks at the Community Bank Cyber Workshop held in Denver, Colorado, addressing the growing cybersecurity concerns confronting smaller financial institutions across the country.
The workshop, organized to bring together community banking professionals and regulators, reflects increasing federal attention to digital vulnerabilities in the community banking sector, which serves millions of Americans in rural and underserved markets where larger institutions often have limited presence.
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Community banks face a distinct set of cyber threats compared to their larger counterparts, typically operating with fewer dedicated IT resources and smaller security budgets while managing the same fundamental obligations to protect customer data and ensure operational continuity.
Bowman's participation via pre-recorded video underscores the Federal Reserve's commitment to engaging community bank stakeholders on supervisory priorities, even as the central bank balances a wide range of policy and regulatory responsibilities at the national level.
Continue reading at FRB: Speeches.
