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Treasury's New Focus on Cyber-Risks
From: InfoSec News <alerts () infosecnews org>
Date: Fri, 18 Jul 2014 08:54:59 +0000 (UTC)


By Tracy Kitten
Bank Info Security
July 17, 2014

Treasury Secretary Jacob Lew this week took the precedent-setting step of publicly addressing what he referred to as the financial system's cybersecurity shortcomings. Lew's comments were noteworthy because they apparently mark the first time a member of the Treasury Department has directly addressed cyber-risks.

Lew's remarks about the need for banking institutions, retailers and all other parties involved in financial services to make cybersecurity, and cyberthreat information sharing, a top priority could signal a policy shift for the Treasury, says Tom Kellerman, chief cybersecurity officer at Trend Micro.

"This is the first time a Secretary of Treasury has made such a declaration," Kellermann says. "The regulators and bank examiners will now become much more proactive in their roles."

Point-of-sale attacks against major retailers, including Target Corp., Neiman Marcus and retail crafts store chain Michaels, illustrate why cyberthreat information sharing is needed to adequately protect the country's critical infrastructure, Lew noted during the Delivering Alpha conference hosted July 17 by cable news station CNBC and global financial magazine Institutional Investor.


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