image: Wall Street Journal

U.S. Banking Regulator Hit by 54 Breaches in 2015, 2016

October 9, 2017

Via: Security Week

The U.S. Federal Deposit Insurance Corporation (FDIC) in the last two years may have suffered as many as 54 data breaches involving personally identifiable information (PII), revealed a report from the FDIC Office of Inspector General (OIG).

Created in response to the thousands of bank failures in the 1920s and 1930s, the FDIC is an independent agency that provides insurance to depositors. The standard insurance amount is $250,000 per depositor, per insured bank.

The report, made public last week, focuses on the FDIC’s processes for responding to data breaches, and it’s based on an audit conducted in response to concerns raised by the chairman of the Senate Committee on Banking, Housing, and Urban Affairs.

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