The Board of Governors of the Federal Reserve System submitted a mandated report focused on cybersecurity to the US Congress with a description of measures undertaken to strengthen cybersecurity within the financial services sector and with respect to the Board’s functions as a regulator, including the supervision and regulation of financial institutions and third-party service providers.
In terms of evolving threats, the following were highlighted: geopolitical tensions; cyber criminal activity; increasing potential of a supply chain or third party attack; cyber risks associated with third party providers; insider threats; and emerging technology-related threats, including APIs, machine learning, and quantum computing.