February 6, 2017 / 10:16 PM / in 8 months

Fed's Harker says increasingly concerned about some cyber threats

SAN DIEGO (Reuters) - Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he in increasingly concerned about cyber threats to small banks, citing hackers stealing money by exploiting third-party vendors that provide cyber-security to many small banks.

A security guard walks in front of an image of the Federal Reserve following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington, March 16, 2016. REUTERS/Kevin Lamarque/File Photo

While large banks often build internal security systems, small banks often outsource their cyber security to specialized firms. Harker said that when he surveys banks about their concerns each year, cyber security is the foremost concern.

Reporting by Ann Saphir; editing by Diane Craft

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below