About 200 banks next month will be required to participate in a
The banks the department supervises-mainly community banks based in New York and branches of large foreign banks-will answer questions about their cybersecurity policies and processes during a live webcast scheduled for December 12, according to the Journal:
All the banks will be asked the questions simultaneously via a webcast. Banks will answer yes or no, and later will be able to see how they stack up against their peers. A person familiar with the matter described the competition as "kind of cybersecurity academic decathlon," the aim of which is to "foster a race to the top on these measures."
The results could scare or shame banks into beefing up their cybersecurity measures-although responses will be anonymous to encourage full disclosure from banks that might be wary of looking worse than competitors.
The event bears a resemblance to the "