The recent ransomware attacks on energy and meat processing industries are a reminder of the cybersecurity risk facing the banking sector. But analysts say policymakers seem disengaged from securing the financial system.
Exhibit A, they say, was a May 27 House Financial Services Committee hearing with the CEOs of the six largest banks. Four of the executives at the hearing cited cybersecurity as the most dangerous threat to the banking system.
Even though the aftermath of the May 7 ransomware attack of the Colonial Pipeline was still in the news, the CEOs’ comments elicited no follow-up questions or statements from the panel. The hearing focused more on criticism of overdraft fee policies and bank diversity practices, corporate taxes and the industry’s response to the pandemic.