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GAO: Regulators Need Analytics, Oversight for Review of Banks’ IT Systems

SecurityLockA new report by the Government Accountability Office indicates the need to provide data analytics tools and oversight authority to financial regulators to support information technology examinations at banks and other depository institutions.

GAO said in the report published Thursday that analyzing data on IT deficiencies at institutions will help regulators identify trends that will guide future reviews.

The agency added that the National Credit Union Administration also needs authority to routinely examine the security practices of third-party technology service providers at banks.

The Treasury Department is working with the Department of Homeland Security and other intelligence and law enforcement agencies to provide cyber threat information to financial institutions, the report stated.

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