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Federal Reserve Speeches·

Bowman, Opening Remarks

  • The 2026 Community Bank Cyber Workshop was hosted by the Federal Reserve Banks of Chicago, Kansas City, St. Louis, Minneapolis, & San Francisco.
  • Recent significant cyber events at community banks highlight the critical need for cyber hygiene & resiliency.
  • The two-day event includes a cybersecurity tabletop exercise, discussions on AI risks & defenses, & presentations from the Secret Service & Federal Reserve's Cybersecurity Analytics Support Team.
  • The threat landscape has evolved exponentially with ransomware, business email compromise, & vendor breaches, while AI usage by threat actors adds complexity.
  • AI capabilities for attackers include accelerating vulnerability identification, creating sophisticated social engineering campaigns, lowering entry barriers, & adapting attacks in real time.
  • Essential defense strategies involve up-to-date asset inventories, phishing-resistant multifactor authentication, strong identity controls, robust patch management, employee training, & incident response testing.
  • The Financial Stability Board published a report on Sound Practices for Responsible Adoption of AI in June 2026 to guide institutions on balancing innovation with risk management.
  • Regulators recognize the burden on community banks & are tailoring IT examinations to consider risk profiles & emerging threats.
  • Cyber resilience requires proactive board & senior management oversight, strategic investments, collaboration with stakeholders, & continuous education.
  • Cyber readiness is built upon a strong security foundation fortified step by step through technology, people, & processes.