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Powell says Fed and banks are vigilant on cyber threats; lawmakers press on Iran risk
Summary
Committee members asked Fed Chair Jerome Powell about the Fed's readiness for state-backed cyberattacks on financial infrastructure. Powell said the Fed coordinates with regulators, banks and other government parts, that the Fed invests heavily in cyber defenses, and that the Fed monitors banks and payment systems for threats; he said
Several members raised national-security concerns about cyber threats to financial infrastructure, including potential Iranian retaliatory attacks.
Representative Heimer asked about steps the Fed is taking to monitor and defend against cyber threats to banks and financial market infrastructure. Powell said the Fed is "in touch with the other regulators and the parts of the government that work on cyber," that the Fed engages with banks to be on alert, and that the Fed itself invests heavily in protecting its systems. He said the Fed and government partners "spend a lot" on cybersecurity and that one can never be complacent because attackers continually evolve.
Powell told the committee that the Fed is both a regulator and potential target and that it coordinates with the banking agencies and other parts of government that handle cyber defense and intelligence. Members asked whether the Fed has the resources it needs; Powell said he believes the Fed has substantial resources but that it must continually invest more as threats evolve.
Lawmakers repeatedly emphasized the systemic importance of protecting payment systems and Treasury-market plumbing and asked whether the Fed would do more; Powell said the Fed is engaged and that the overall U.S. posture includes government and private-sector partners.
