WASHINGTON — The CFPB needs to bolster its cyber defenses, according to a report the agency's internal inspector released last week.
The report arrives as the Securities and Exchange Commission faces Congressional questions about information stolen last year from its filing system that may have been used for illicit trades.
“The CFPB, which gathers sensitive information on individuals, banks, credit card companies and other financial firms as the government's consumer finance watchdog, could suffer similar intrusions that might undermine public trust or limit its ability to carry out its mission, its inspector general said,” Reuters reported.
The agency "has not fully implemented processes, such as data loss prevention technologies, within its internal network that would enable the agency to detect and better protect against unauthorized access to and disclosure of its sensitive information," the report said, according to Reuters.
It also needs to run automated feeds through security checks and move away from manually tracking system security by putting alerts and continuous monitoring tools in place, the inspector general found, the Reuters report stated.
“In the five years since it was established, the CFPB has had to quickly erect sound information systems that can repel cyber-attacks. All federal agencies are struggling to keep up with a steady rise in the number and sophistication of attempted intrusions, as criminal demand for stolen Social Security numbers and other personally identifiable information swells,” Reuters said.
“The inspector general also said the CFPB will soon implement a job succession plan to try to close possible staffing and skill gaps, hopefully clarifying what the future holds after Richard Cordray, the CFPB's first director, leaves the agency,” Reuters added.