Treasury's New Focus on Cyber-Risks

[InfoSec News <alerts () infosecnews org>]

http://www.bankinfosecurity.com/treasurys-new-focus-on-cyber-risks-a-7068

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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