Yellen Says Equifax Data Breach Is 'Very Serious'

The transcript discusses the critical nature of data breaches and urges consumers to monitor their credit reports. It highlights the role of bank supervision in ensuring appropriate actions are taken to prevent fraud and maintain secure business processes. The importance of strong cybersecurity controls is emphasized, particularly in the financial sector, with a focus on the lessons learned from the Equifax breach.

Why is strong cyber security control important according to the text?

What does the Equifax breach emphasize regarding banking supervision?