Item 1.05 Material Cybersecurity Incidents
On February 21, 2024, the Federal Home Loan Bank of New York ("Bank"), through its operational controls, detected unknown persons attempting to fraudulently obtain funds from the Bank (the "incident").
The Bank immediately activated its response process, and determined that a fourth-party vendor (i.e., a vendor of a Bank vendor) had been compromised, which caused the incident.
The Bank then took prompt steps to contain and remediate the incident. The Bank's own information technology systems and networks were not compromised or affected, no unauthorized transactions were executed and no monies were transferred to the unknown persons, and Bank members were able to continue to execute transactions with the Bank.
As of the date of this filing, the incident has not had a material impact on the Bank's operations, and the Bank believes the incident will not materially impact the Bank's financial condition or results of operations.
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