June 14, 2021
GAO faults FDIC for slow progress in correcting data-security vulnerabilities
The congressional Government Accountability Office is asking the Federal Deposit Insurance Corporation to report back next month on implementing data-security corrections to protect its sensitive, financial records from fraudulent misuse or destruction.
GAO in a new report finds the FDIC has failed to fully implement recommendations for securing data gathered in its role as a regulator and enforcer of national banking laws and in protecting the nation's depositors.
“In commenting on a draft of this report, FDIC agreed with GAO's...