LATEST REPORT: Our Federal Reserve is Exposed to an Easy Attack

Screen Shot 2015-12-23 at 9.03.52 AMIt’s not like the Federal Reserve’s documents are important or anything.

The inspector general for the Federal Reserve is warning that a key database at the central bank needs more cybersecurity protections, according to a summary report.

Compiled in the wake of a security control review of the board’s Statistics and Reserves system, known as STAR, the report finds that overall, “the Division of Monetary Affairs and the Division of Information Technology have taken several steps to implement information security controls.”

But the inspector general staff warned that there are several cybersecurity deficiencies in the system.

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“We found that improvements are needed in the Board’s security governance of STAR to ensure that information security controls are adequately implemented, assessed, authorized, and monitored,” the authors concluded.

The report includes six recommendations for improvements to security controls in certain areas, including planning, security assessment and authorization, contingency planning, auditing, access control, risk assessment and system, and information integrity.

Due to the extremely sensitive nature of the information, the report itself was not made public, only a brief executive summary was released Tuesday. As a result, it is not clear what specific cybersecurity flaws concerned the inspector general.

Read more: CNBC

 

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