The FDIC has announced a new “tech sprint” designed to determine how well community banks and the banking sector as a whole can withstand major disruptions. This tech sprint is intended to be the first of several focused on how to foster stronger resiliency in banking, according to the agency.
The FDIC’s tech lab, FDITECH, is challenging tech sprint participants to identify solutions for institutions of all sizes to measure and test their operational resilience to any disruption. “From Hurricanes to Ransomware: Measuring Resilience in the Banking World,” this tech sprint is intended to be the first of several focused on how to foster stronger resiliency in banking.
In the coming weeks, FDITECH will open registration for this tech sprint, and interested organizations will have two weeks to submit applications requesting participation. After a brief review of submissions, FDITECH will invite a select number of teams to develop proposed solutions to this challenge question. Finally, FDITECH will host a ‘Demo Day,’ inviting teams to make short presentations to a panel of judges who will evaluate their solutions.
The FDIC invites experts in operational resilience, financial institutions, nonprofit organizations, consumer advocates, academic institutions, private sector companies and others to participate.