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Comp Blog

New - July 17: Treasury calls on financial sector to improve cybersecurity

By: Danielle Wright

CommentThursday - July 17, 2014

Treasury urges financial sector to redouble efforts against cyber attacks

In remarks at CNBC and the Institutional Investor's 4th Annual Delivering Alpha Conference, U.S. Treasury Secretary Jacob Lew specifically called on the U.S. financial sector to improve cybersecurity by using the Administration's new cybersecurity framework for their own systems and as a way to evaluate outside vendors. The National Institute of Standards and Technology's (NIST) Framework for Improving Critical Infrastructure Cybersecurity, was released in February 2014 and provides a blueprint that firms of all sizes can use to evaluate, maintain, and improve the resiliency of their computer systems. 

As you know there has been an increased focus on cybersecurity on the regulatory front:

  • In 2013, the Federal Financial Institutions Examination Council (FFIEC) established a working group to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues.   [CompBlog 6/7/13]
  • Early in 2014, NCUA announced that cybersecurity risk would be an area of increased focus.  “NCUA field staff will evaluate credit unions’ ability to assess and mitigate cybersecurity risk and respond to cyber-attacks. Credit unions of all sizes will be expected to implement appropriate risk mitigation controls – including vendor due diligence, strong password processes, proper patch management and network monitoring – to better prevent, detect, and recover from cyber-attacks.” [NCUA Letter to Credit Unions 14-CU-02].
  • And just last month we covered in CompBlog that FFIEC member agencies are conducting a cybersecurity assessment during regularly scheduled exams aimed at improving cybersecurity risk management at community institutions (about half are credit unions).

In his remarks, Secretary Lew said it was "time to pass cyber legislation." For Secretary Lew's full remarks from the Delivering Alpha Conference click here. To read Treasury’s announcement click here.


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