Combatting Cyber Security Threats at Our Banks

Aug 30, 2016
Newsletter

Dear Friend,

This year, there have been a series of reported cyber attacks in which hackers used stolen information to steal money from banks’ holding accounts. Following these reports, I wrote to the banking regulators — the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC)— to see what steps they were taking to combat this cybersecurity threat to our banking system. The regulators recently wrote back to me.

I appreciate the regulators’ response to my inquiry and am encouraged by the initial steps they have taken in response to the recent cyber attacks, however, our cybersecurity is only as strong as our weakest link. I remain concerned about the potential for future attacks and will be asking for regular updates from our banking regulators on the steps being taken address the risks that these cyber attacks pose to the safety and soundness of U.S. banks and the international payment system. Cybersecurity is posing a greater and greater risk to the safety and soundness of our financial system, and banks and regulators both need to remain vigilant in order to protect against these types of cyber attacks.

You can read more about the response and this issue in news stories from the Wall Street Journal and Reuters.

Sincerely,

Carolyn B. Maloney
Member of Congress

 

Wall Street Journal: U.S. Regulators Step Up Scrutiny Around Swift

 

U.S. banking regulators are ramping up oversight around financial messaging system Swift, a key intermediary in global payments that faces greater scrutiny following a rash of cyberattacks on its users.

Read the full story here.

 

 

Reuters: U.S. Banking Regulators Focused on Cyber Security After SWIFT Attacks


U.S. banking regulators said on Wednesday they are focused on cyber security risks and controls for U.S. financial institutions after attacks earlier this year involving the global financial network known as SWIFT.

Read the full story here.

 

 

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