The Federal Deposit Insurance Corporation (FDIC) today announced that JustProtect was one of six teams chosen to participate in a ‘tech sprint’ designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type.
The FDIC’s tech lab, FDITECH, launched From Hurricanes to Ransomware: Measuring Resilience in the Banking World in August 30, 2021. The initiative challenges participants to present solutions that could be used by institutions of all sizes to measure and test their operational resilience to major disruptions.
“We look to these six teams to develop consistent data and measures that all banks can use to assess their resilience to a major disruption,” said FDIC Chief Innovation Officer Sultan Meghji. “This work will lay the foundation for stakeholders to build and evaluate future efforts to promote greater resiliency in the banking sector.”
“Those responsible for resilience in smaller financial organizations do not have the resources as their larger counterparts yet are accountable to the same regulations. This results in inefficient processes, mountains of documents and extreme frustration while assessing and managing threats,” said JustProtect’s Founder & CEO Vikas Bhatia. “Being selected will enable us to present simple, yet affordable, solution to those smaller organizations. Being able to serve the underserved is central to our values and we’re excited for the next few weeks.”
FDITECH will host a ‘Demo Day’ in October, where JustProtect will present to a panel of expert judges who will evaluate their solution for creativity, effectiveness/impact, and market readiness.