Wall Street is in the midst of an industrywide crisis, as regulators have warned financials companies to be more cautious and take steps to make sure their systems are secure.
The Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission and other government bodies have issued warnings about the growing risk that hackers could take over and damage the financial system.
The Federal Deposit Insurance Corp. (FDIC) said Thursday it is warning banks to consider the financial sector’s ability to withstand cyber attacks.
“While we cannot eliminate all risk, we can reduce it by reducing the severity and frequency of cyber incidents,” FDIC Commissioner Mary Jo White said in a statement.
Cybersecurity breaches in the financial services industry are common and are a concern because of the amount of data at risk, the FDIC said.
Federal regulators and the companies they oversee have long warned about the threat of a cyberattack on Wall Street, and they have been pressuring companies to take precautions.
Last year, the CFTC said it had recorded more than 6,000 cybersecurity breaches involving financial institutions and companies since January 2017.
The CFTC also has launched an advisory program to help companies with cybersecurity issues, with information available to the public, and also has urged companies to conduct regular cyber assessments to determine their cybersecurity capabilities.