Bank Director: Is the FDIC’s IT exam effective?
Cybersecurity is a critical concern for the banking industry, and FDIC-examined institutions may have additional considerations to address around InTREx exams, as discussed in Bank Director’s recent article.
After identifying concerns around the FDIC’s Information Technology Risk Examination (InTREx) Program within their January 2023 audit report, the agency will be making changes to address the weaknesses uncovered. Until changes are made to the exams, Plante Moran cybersecurity experts encourage banks to take a proactive approach to testing for cybersecurity threats and staying ahead of the evolving IT landscape.While outdated InTREx exams are inadequate for many banks, banks should “pay special attention to systems that have undergone changes in the last 5 to 7 years, including digital channels, wireless networks and policies around employees using personal devices for work, among others,” says Plante Moran Principal Colin Taggart.
