House panel worried about cyberattacks on the Federal Reserve

Republicans on the House Technology Committee are investigating the Federal Reserve’s security practices, citing “serious concerns” about the central bank’s ability to protect confidential information. 

The committee asked the Fed to turn over all incident reports related to cyberattacks dating back to January 2009. The request comes on the heels of a Reuters report that hackers had broken into Fed systems at least 50 times between 2011 and 2015.

{mosads}“These reports raise serious concerns about the Federal Reserve’s cyber security posture, including its ability to prevent threats from compromising highly sensitive financial information housed on the agency’s systems,” read a letter to Fed Chairwoman Janet Yellen signed by Rep. Lamar Smith (R-Texas), the panel’s chairman; and Rep. Barry Loudermilk (R-Ga.), a subcommittee chairman. 

Reuters uncovered the incident reports through redacted public records that did not indicate the severity of the breaches, including whether money or information was stolen. 

The House committee has requested uncensored files from the National Incident Response Team, which handles cybersecurity for the Fed.  

The letter sets a deadline of June 17 to reply. 

This is the second investigation into the Fed’s cybersecurity to be announced this week. An earlier investigation targeted the New York Fed’s inadvertent involvement in an $81 million robbery of a Bangladeshi bank over a global interbank communications system.