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Could cyberattacks bring down the U.S. financial network? Chuck Hagel thinks it's possible. Shielding the U.S. against the destructive potential of digital threats is among the top priorities for the nation, the Defense Secretary said.
May 31 -
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
WASHINGTON Regulators said Thursday they have formed a working group to enhance coordination between federal and state banking agencies on cybersecurity.
"These efforts are important in light of the growing sophistication and volume of cyber attacks and the global importance of critical financial infrastructure," according to a press release from the Federal Financial Institutions Council.
The working group created by the council will focus on improving communication among the banking regulatory agencies, like the Federal Reserve Board, Federal Deposit Insurance Corp., and Office of Comptroller of the Currency.
It will also build on efforts to strengthen the activities of other interagency and private sector groups, like the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center.
