Fed's Bowman Addresses Cyber Risks Facing Community Banks
Federal Reserve Governor Bowman delivered opening remarks at a community bank cybersecurity workshop in Denver, highlighting risks for smaller institutions.
Federal Reserve Governor Michelle Bowman delivered pre-recorded opening remarks at the Community Bank Cyber Workshop held in Denver, Colorado, signaling the central bank's continued focus on cybersecurity vulnerabilities within the community banking sector.
The workshop represents part of ongoing regulatory efforts to equip smaller financial institutions with tools and awareness needed to defend against a rapidly evolving landscape of digital threats. Community banks, which often operate with more limited IT resources than larger institutions, have increasingly become targets for cyberattacks and fraud schemes.
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Bowman's participation via pre-recorded video underscores the Federal Reserve's commitment to engaging directly with community bank stakeholders on supervisory and operational risk issues, even as the format limits real-time dialogue. Cybersecurity has remained a top-tier supervisory priority for federal banking regulators in recent years.
The Denver event reflects broader industry and regulatory recognition that cyber resilience cannot be treated as an afterthought for institutions of any size. Regulators have consistently emphasized that third-party vendor risks, ransomware, and data breaches pose material threats to community bank stability and customer trust.
Continue reading at FRB: Speeches for the full text of Governor Bowman's opening remarks.
