Today, U.S. Deputy Secretary of Commerce Bruce Andrews spoke about the importance of understanding cybersecurity risk for financial institutions at the Mid-Atlantic Executive Cybersecurity Conference. Addressing a crowd of 150 regional banking leaders, Deputy Secretary Andrews highlighted the work the Department of Commerce is doing to help American companies mitigate cybersecurity risk. He also stressed how critical it is for senior leadership to invest in cybersecurity solutions.
Remarks as Prepared for Delivery
Thank you, Daniel. It’s great to see all of you here this morning. I want to personally welcome you to the National Institute of Standards and Technology. NIST is truly one of the crown jewels of the Department of Commerce. Thanks to the extraordinary men and women who work here and conduct research in its labs, NIST is setting the standard for excellence in our department. Every day, NIST keeps our businesses and our nation on the cutting edge of technology, science, and innovation. And in today’s constantly changing world, staying on the cutting edge means confronting cybersecurity challenges.
Although the framework was originally intended for critical infrastructure, it is now being used by a broad range of sectors and by organizations of all sizes. Today, I am proud to report that the Cybersecurity Framework has been a resounding success – and that it includes several recommendations that came directly from the financial services sector. For example, the Sector Coordinating Council recommended that we use a risk-based methodology for integrating privacy that consistent with other regulatory practices adopted by your sector.