FDITECH Announces Winning Teams for Resiliency Competition

On August 30, 2021, the FDIC’s Tech Lab, FDITECH, launched “From Hurricanes to Ransomware: Measuring Resilience in the Banking World.” This program was intended to produce and implement sector-wide improvements that could increase a bank operation’s resiliency to “evolving threat environment to bank operations,” considering the “challenges that banks face in identifying criteria to determine their respective levels of tolerance for a disruption.”

Candidates were given 3 weeks to work on their response to the FDIC’s prompt: “[w]hat would be the most helpful set of measures, data, tools, or other capabilities for financial institutions, particularly community banks, to use to determine and to test their operational resilience against a disruption?”

In reviewing the submitted responses to this inquiry, the evaluation panel considered the following Evaluation Criteria: Creativity; Effectiveness/Impact; and Market Readiness.

On October 25, 2021, the Federal Deposit Insurance Corporation (FDIC) announced their selection of the three winning teams that will assist in implementing the plan for change that was previously demonstrated to the panel. The teams are as follows: Google (“Data Society”) will be tasked with the category of Creativity; Global Resilience Federation/Secure Digital Solutions, Inc. (“GRF Operational Resilience Assessment”) with Effectiveness/Impact; and Tandem LLC/CoNetrix LLC (“Tandem”) will be tasked with Market Readiness.

For inquiries as to how this program may effect or benefit your financial institution, please contact Kennedy Sutherland.