Fed may push banks to share cyber loss data

Watchdog doesn’t rule out “mandatory collection” of data on causes and impacts

The US Federal Reserve is weighing whether to collect data on losses from cyber-related incidents from individual banks and share it on an anonymised basis, in a bid to help the industry improve risk management practices.

The move is part of a wider push by the regulator to tighten the way banks respond to cyber breaches. The Fed has already published a white paper on a classification system for cyber, which was the topic of a November 20 workshop hosted by the Federal Reserve Bank of Richmond.