The Federal Reserve continues to expect banks to report breaches of sensitive customer information consistent with applicable law.7 The new service provider reporting requirement together with the Fed's efforts to improve access to service provider reports should help to streamline small banks' efforts to monitor their technology service providers. The Federal Reserve System Focus on Cyber Risk The financial system is deeply interconnected.
As a result, the Federal Reserve coordinates with industry and a number of domestic and international agencies, governance bodies, and state and federal regulators to share information and best practices to prevent, detect, and recover from cyberattacks.