During a congressional hearing, Powell was asked about the cybersecurity protections of financial institutions, including the central bank.
“We’re on the alert because we’re a target as well,” Powell said. “So you’re right to raise it. It’s a big issue.”
Powell said the Fed had been “in touch” with other regulators and government agencies that protect against foreign cyberattacks. The central bank also warned banks to “be on alert for things like that to happen,” Powell said, referring to cybersecurity breaches.
The Fed has the necessary resources to stave off a possible cyberattack, according to Powell.
“The government generally spends a lot on these things,” he said. “That said, you can never, ever be comfortable in this area because the bad guys are always getting better.”
Despite rising tensions, the U.S., Iran, and Israel appear to be reaching a détente. Early Tuesday morning President Donald Trump announced a ceasefire among all three countries that would end any further hostilities. The president immediately accused Israel and Iran of violating the ceasefire shortly after it was struck.
“I’m not happy with Israel,” Trump told reporters. “Not happy with Iran, either.”
Iranian cyberattacks have been a lingering threat for U.S. companies and government agencies.
