Fed's Bowman Addresses Cyber Risks Facing Community Banks

Federal Reserve Governor Michelle Bowman delivered opening remarks via pre-recorded video at the Community Bank Cyber Workshop held in Denver, Colorado, highlighting the Federal Reserve's ongoing engagement with smaller financial institutions on digital security challenges.

Community banks occupy a distinct position in the U.S. financial system, serving local economies and small businesses while often operating with more limited technology resources than their larger counterparts. Cybersecurity threats directed at these institutions have drawn increasing regulatory attention in recent years, as ransomware attacks, data breaches, and third-party vendor vulnerabilities continue to pose operational and reputational risks across the banking sector.

Read more FNB Corporation Wins Forbes, Newsweek, and Local Press Awards →

Workshops of this nature reflect a broader supervisory push by federal regulators to ensure that community banks are equipped with practical guidance, peer-to-peer knowledge sharing, and updated threat intelligence. The Federal Reserve, alongside other banking regulators, has emphasized that cybersecurity preparedness is not solely a technology concern but a core component of safety and soundness oversight.

Bowman's participation underscores the Fed's commitment to direct outreach with community banking institutions, even when logistical constraints require remote formats such as pre-recorded video delivery. Regulatory officials have consistently stressed that smaller banks must maintain robust incident response plans and vendor oversight frameworks commensurate with their individual risk profiles.

Continue reading at FRB: Speeches.