Urging financial institutions and companies to do what is needed to protect consumers; US Treasury Secretary Jacob J. Lew spoke at the Institutional Investor’s 4th Annual Delivering Alpha Conference and CNBC. Lew said that US financial institutions must protect their customers against cybersecurity thefts, disruptions and attacks. He said that our institutions of finance should utilize the Administration’s new cybersecurity framework not only with their own systems but also as a means to evaluate outside vendors.
“The consequences of cyber incidents are serious,” Secretary Lew said. “When credit card data is stolen, it disturbs lives and damages consumer confidence. When trade secrets are robbed, it undercuts America’s businesses and undermines U.S. competitiveness. And successful attacks on our financial system would compromise market confidence, jeopardize the integrity of data, and pose a threat to financial stability.”
While the new framework, which is called “Improving Critical Infrastructure and Cybersecurity” as 2013 Executive Order 13636, is being implemented, more needs to be done to improve our ability to fight cyber threats. Secretary Lew has been calling on Congress to pass all-encompassing laws which will improve the state of information sharing by making provisions for targeted liability protections while at the same time protecting privacy.
“As it stands, our laws do not do enough to foster information sharing and defend the public from digital threats. We need legislation with clear rules to encourage collaboration and provide important liability protection. It must be safe for companies to collaborate responsibly, without providing immunity for reckless, negligent or harmful behavior. And we need legislation that protects individual privacy and civil liberties, which are so essential to making the United States a free and open society. We appreciate the bipartisan interest in addressing this important issue, and the Administration will continue to work with key stakeholders on the various bills that are developing in Congress,” added Secretary Lew.