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Dec
10

Financial regulators warn of cyber-threat

From: The Hill

By Ben Goad

More must be done to protect the U.S. financial system against the growing threat of cyber-attacks, government and industry officials warned an interagency panel of regulators Monday.

The Financial Stability Oversight Council (FSOC), created three years ago to help shore up weaknesses in the economy that led to the 2008 crisis, identified cybersecurity as a major priority earlier this year.

But the danger posed by outside forces looking to damage the financial system has only become greater, Assistant Treasury Secretary Cyrus Amir-Mokri said during a meeting of the interagency panel.

“Our experience over the last couple of years shows that cyber-threats to financial institutions and markets are growing in both frequency and sophistication,” Amir-Mokri said.

Cyber-attackers have shown both creativity and persistence, as the financial sector increasingly relies on technology to perform a variety of functions.

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