Three teams made up of five firms will compete in bank ‘resiliency’ sprint

Three teams made up of five tech firms have been selected to compete in a “sprint” designed to explore new technologies and techniques to help banks evaluate how well they can withstand a major disruption of any type, the federal insurer of bank deposits said Monday.

The Federal Deposit Insurance Corp. (FDIC) said the three team categories (and firms on those teams) are: Creativity (Data Society, Google); Effectiveness/impact (Global Resilience Federation, Secure Digital Solutions, Inc.); Market readiness (Tandem LLC, CoNetrix LLC).

The FDIC said it launched the sprint (titled “From Hurricanes to Ransomware: Measuring Resilience in the Banking World”) on Aug. 30, which it said challenged participants to identify solutions for banks and test their resilience to major disruptions.

The participants were evaluated, the agency said, by a panel of representatives from the FDIC, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA), and the National Institute of Standards and Technology (NIST).

FDITECH Selects Three Teams in Sprint to help Banks Measure and Test Resiliency