Bowman Says Cybersecurity Is a Major Concern for Bankers

Federal Reserve Board Governor Michelle Bowman said cybersecurity is a major concern for bankers, describing it as a key defense against AI attacks, fraud and other vulnerabilities.

“It is probably the one single most important part of defense that you have against attacks from AI, attacks from fraudsters, and other potential vulnerabilities,” Bowman said.

She urged law enforcement and government agencies to work together to shut down routes used for fraud. The Federal Reserve has developed third-party risk guidance for community banks and some state banks. Bowman said providers serving those institutions should assess their risk management because they may face questions about it.

On April 27, 2026, Bowman discussed how AI could reveal software weaknesses to defenders and attackers alike, a subject explored in earlier coverage of Bowman’s AI and bank cybersecurity remarks.