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The threat of cyberattack is an increasingly hot topic in Washington, but political interest alone appears unlikely to provide enough momentum to get cybersecurity legislation supported by banks passed this year.
May 28 -
The White House says the nation needs new laws to reinforce its cyber defenses but that the push should not come at the cost of privacy.
May 2 -
Legislative efforts to strengthen the nation's cyber defenses are shifting to the U.S. Senate after passage of a controversial bill by the House of Representatives.
April 19 -
The nation's biggest banks have a message for the government on efforts to bolster cybersecurity protections: We're already facing plenty of standards.
April 11 -
The White House issued an executive order on Tuesday that aims to strengthen protection of the nation's critical infrastructure against cyberattack.
February 12
The Obama administration is urging business leaders to back legislation to strengthen the nation's cyber defenses.
White House efforts to promote voluntary sharing of information about cyber threats among banks, utility operators and others who own critical infrastructure represent "an important step" but a presidential directive cannot substitute for a law, Treasury Secretary Jack Lew said Wednesday in remarks to directors at the U.S. Chamber of Commerce.
"Specifically, we need Congress to pass legislation that improves cybersecurity," Lew said. "We also need legislation that can incentivize the adoption of best practices and standards for critical infrastructure by complementing the process set forth under the executive order."
Lew's remarks, which were
Cyber experts say information sharing can help to ward off future attacks but that legislation is needed to shield companies that exchange information with the government and one another from legal liability that many companies say currently deters such sharing.
The House
Legislation to promote sharing of cyber threats
Besides the push for information sharing, the administration is doing what it can to help banks address the threat of cyberattacks, according to Lew. The Treasury Department has arranged
"These briefings have drawn on the knowledge of law enforcement and intelligence officials from across the federal government," said Lew, who also noted that financial regulators are providing guidance to companies they supervise about the need for backup systems and recovery plans.
"This heightened attention on resilience is an important development in the financial sector and one that I believe will be a focus on other major industries," Lew added.