Mester calls for cyber stress-testing in US
Adopting or adapting practices like the Bank of England’s would be worthwhile, she says
Stress tests to assess the financial system’s resilience to cyber risks are needed in the US, Loretta Mester, president of the Federal Reserve Bank of Cleveland, says.
“Such a test could help evaluate the financial system’s plans for data and core systems recovery and its reliance on third parties to implement that plan,” Mester said in a November 21 speech.
The recovery plans must focus on data integrity, she added, and to ensure that back-up data has not already been compromised.
Mester
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