U.S. financial regulator must beef up cyber security: inspector
WASHINGTON (Reuters) – The Consumer Protection Board of the United States (CFPB), one of the leading regulators of Wall Street, should strengthen its protection against hacking, the report said published by the agency’s internal inspector on Wednesday, when the financial sector plays a role in the recent revelations of the two basic data violations.
Former head of the Equifax credit bureau (EFX.N) said this week to Congress about disclosing information that personal information for millions of people was stolen from its systems.
At the same time, the Securities and Exchange Commission, the country’s leading securities regulator, is facing legislators questions about information that was stolen last year from its filing system, which can be used for illegal bidding.
The CFPB, which collects confidential information about individuals, banks, credit card companies and other financial firms as a state observer for consumer finance, may face similar incursions that could undermine public confidence or limit its ability to carry out its mission, said the inspector general , a report dated September 27 and published on Wednesday.
The agency “does not fully implement such processes as data loss prevention technologies within its internal network, which will allow the agency to detect and improve protection against unauthorized access and disclosure of its confidential information,” the report said.
It should also run automatic channels with security checks and remove from the security system, monitor the system manually, place alerts and continuous monitoring tools in place, as the Inspector General found out.
For five years since its inception, KFPP had to quickly install sound information systems that could reflect cyber attacks. All federal agencies are struggling to keep up with the constant increase in the number and sophistication of intrusion attempts, as the criminal demand for stolen social insurance numbers and other personal information swells.
The Inspector General also said that the CFPB will soon implement a succession plan to try to close possible personnel and technical gaps, hoping that he will find out what awaits in the future after Richard Cordry, CFPB’s first director, leaves the agency.
Cordrey, whose term expires in July, was appointed by President Barack Obama after the agency was created in accordance with the law on financial reform Dodd-Frank 2010.
However, many expect that he will leave early, and there is no precedent for his replacement.
President Donald Trump will most likely appoint a successor that will reduce the coverage of the agency by raising questions about the direction of open investigations of the KKKB and regulations.