The financial industry has shown time and time again they cannot be trusted, and hiding cyber attacks seem to be par for the course. This time the Federal Deposit Insurance Corporation was hacked by China and covered up by the CIO:

The FDIC failed at the time of the “advanced persistent threat” attacks to report the incidents. Then-Inspector General at FDIC, Jon Rymer, lambasted FDIC officials for failing to follow their own policies on breach reporting. Further investigation into those breaches led the committee to conclude that former FDIC CIO Russ Pittman misled auditors about the extent of those breaches, and told employees not to talk about the breaches by a foreign government so as not to ruin FDIC Chairman Martin Gruenberg’s chances of confirmation.

The cascade of bad news began with an FDIC Office of the Inspector General (OIG) investigation into the October “Florida incident.” On October 23, 2015, a member of the Federal Deposit Insurance Corporation’s Information Security and Privacy Staff (ISPS) discovered evidence in the FDIC’s data loss prevention system of a significant breach of sensitive data—over 1,200 documents, including Social Security numbers from bank data for over 44,000 individuals and 30,715 banks, were copied to a USB drive by a former employee of FDIC’s Risk Management Supervision field office in Gainesville, Florida. The employee had copied the files prior to leaving his position at FDIC. Despite intercepting the employee, the actual data was not recovered from him until March 25, 2016. The former employee provided a sworn statement that he had not disseminated the information, and the matter was dropped.

Sure, successful breaches are embarrassing, but it is always better to get out ahead of these incidents rather than allowing them to drive the story themselves.