Annual Community and Regional Bankers Forum Highlights Cyber Risk

The Richmond Fed hosted its 2022 Community and Regional Bankers Forum on October 12. This year marked the first time since 2020 that we hosted attendees on-site. In recognizing what the pandemic taught us about flexibility, we also offered a virtual option for guests.

Highlights of the event included:

• Richmond Fed Executive Vice President Lisa A. White facilitated a conversation with the heads of the North Carolina, South Carolina, Virginia and West Virginia Bankers Associations and the head of the Virginia Association of Community Banks. Panelists responded to pressing questions on topics ranging from staffing challenges to key risks.
• A Federal Reserve System incident response expert led a presentation on cyber risk.
• Regional Executive Renee Haltom delivered an economic update.
• An insurance expert discussed the key aspects of cyber insurance and what bankers should consider in their policies.
• Community Affairs Officer Carrie Cook connected the dots between bank supervision and how the Richmond Fed advances the economic resilience of the communities we serve.
• Vice President Jeff Deibel and Assistant Vice President Brent Hassell delivered a rapid-fire presentation of supervisory hot topics and the risks on which the Richmond Fed is focusing.

At this year’s forum, the Richmond Fed introduced the Cyber Simulation Lab, an immersive experience for bankers to engage and learn about what actions or activities are necessary for managing cyber-attacks at financial institutions. In addition, the Lab features a walk-through of what banks should consider when developing a cyber playbook. We are planning to offer more Cyber Simulation Lab events in 2023, so stay tuned for details.