Audit comes in the wake of recent computer security breaches at banks

The audit is in response to 2014 legislation requiring government inspectors general to assess their agencies’ computer security programs. The move follows recently publicized problems with network security among banks. In February, hackers stole more than $100 million from Bangladesh’s account at the New York Fed using codes for an interbank money transfer system known as Swift. A subsequent Reuters report found that the Fed’s own computers had been breached more than 50 times between 2011 and 2015.

A separate investigation from the House Committee on Science, Space and Technology is looking into those computer breaches.

The Fed inspector general’s office is still determining the scope of the audit and its planned completion date.

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