WASHINGTON Senate Banking Committee leaders are raising concerns about continued cyberattacks on the financial system and pressing regulators about their plans for fostering greater security within the industry.
Sens. Tim Johnson, D-S.D., chairman of the banking panel, and Mike Crapo, R-Idaho, the ranking member, penned a letter Tuesday to financial regulators and the Treasury Department, underscoring the dangers of attacks on banks and other institutions.
The move comes after several high-profile attacks against retails and banks over the past year, and President Obama's recent executive order mandating chip-and-PIN technology on government-issued debit and credit cards. Critics of the White House initiative have warned that far more action is needed to better protect banks and other companies from ongoing security breaches.
"While we recognize that federal agencies have heightened their attention to cybersecurity issues, we are writing to seek more information on the role your agency or Department is playing to protect our financial system from cyberattacks," the lawmakers wrote.
In their letter, Johnson and Crapo ask officials for details about how they obtain information related to cyberattacks, what they do to coordinate efforts across agencies and how the Financial Stability Oversight Council is involved in monitoring cyber risks. They also request details about the Federal Financial Institutions Examination Council's plan to help small institutions address "cybersecurity gaps."
The letter was sent to Janet Yellen, chair of the Federal Reserve Board, Thomas Curry, comptroller of the currency, Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., Debbie Matz, chair of the National Credit Union Administration and Treasury Secretary Jacob Lew.
