Treasury Secretary Warns Of Cyber Threats To Financial Sector — Fcw

When trade secrets are robbed, it undercuts America’s businesses and undermines U.S. competitiveness,” Lew said. “And successful attacks on our financial system would compromise market confidence, jeopardize the integrity of data and pose a threat to financial stability.” Private firms are primarily responsible for protecting themselves against cyber threats, but government can help by prosecuting cyber criminals, holding “state-sponsored attackers accountable and [providing] critical intelligence about specific threats and to share best practices,” he said. Hackers have already taken aim at the U.S. financial sector, notably in September 2012 when several big banks were hit by distributed denial-of-service attacks. Then-National Security Agency Director Gen. Keith Alexander warned last year that a foreign nation could cripple Americas financial system with a cyberattack. More than 250 DDOS attacks have hit U.S. banks and credit unions since 2011, Lew said. “Cyberattacks on our financial system represent a real threat to our economic and national security, but a malicious cyber actor can cause catastrophic damage to our financial system without directly attacking a bank,” he said.
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