WASHINGTON (10/23/14)--The leadership of the Senate Banking Committee is seeking information from the National Credit Union Administration, the other federal financial regulators and the U.S. Treasury Department on what actions are being taken to protect the financial system from threats posed by cyberattacks.
In an Oct. 21 letter, Chairman Tim Johnson (D-S.D.) and ranking member Mike Crapo (R-Idaho) write, "The economic impact of cyberattacks is staggering. A recent Center for Strategic and International Studies report projected global economic losses of up to $575 million annually in the U.S. alone."
They add, "Financial institutions are a particularly lucrative target. Many find themselves under constant attack, with some spending up to $250 million per year on cybersecurity."
The lawmakers ask the agencies and Treasury to provide information such as:
The Johnson-Crapo letter also notes that the Federal Financial Institutions Examination Council--comprised of the heads of the federal financial regulatory agencies--announced earlier this year that it is planning cybersecurity and risk-mitigation assessments to help smaller institutions address cybersecurity gaps. The regulators were asked to describe the effort and what particular considerations or risks may exist at institutions of varying sizes.