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Johnson, Crapo Seek Information on Cybersecurity
[October 22, 2014]

Johnson, Crapo Seek Information on Cybersecurity


(Targeted News Service Via Acquire Media NewsEdge) WASHINGTON, Oct. 21 -- The chairman of the Senate Committee on Banking, Housing & Urban Affairs issued the following news release: Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) sent a letter to federal financial regulators and the Treasury Department highlighting the threat cyberattacks pose to our financial system, and seeking information on what the regulators and Treasury are doing to protect the financial system.



"The recent breaches show once again that no company is immune from the risk of cyberattack," said Chairman Johnson. "While financial institutions and retailers are at the front lines in protecting consumers' information, the financial regulators must also ensure that financial institutions have the appropriate safeguards in place to keep consumers' data safe. I look forward to hearing more about the steps they are taking." "Data breaches continue to hit a growing number of U.S. companies, and hackers have stolen financial information from millions of consumers over a short period of time," said Ranking Member Crapo. "Financial institutions are a major target for cyber criminals, and many are perpetually under attack. We must know what steps the regulators and Treasury Department are taking to lessen the threat of cyberattacks on our financial system and improve coordination with the banks and retailers." Over the past decade, cybersecurity has become a foremost national priority for the government and private sector. While federal agencies have increased their attention toward cybersecurity issues, the senators seek information on exactly what role each agency or Department is playing to fully protect our financial system from attacks. In the letter, Senators Johnson and Crapo request information regarding the process for acquiring information on potential or occurring cyberattacks, what level of coordination and interaction the departments and agencies have with each other and with law enforcement, and what role the Financial Stability Oversight Council plays. They also request a description and update on a Federal Financial Institutions Examination Council-led effort to help smaller institutions address cybersecurity gaps.

The full letter can be viewed here. (http://www.banking.senate.gov/public/_files/JohnsonCrapoCybersecuritylettertoNCUA.pdf) to view a signed copy.


TNS 30FurigayJof 141022-4909015 30FurigayJof (c) 2014 Targeted News Service

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