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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
"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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- Treasury's New Focus on Cyber-Risks InfoSec News (Jul 18)