Cybersecurity: Enhancing Coordination to Protect the Financial Sector, Hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, One Hundred and Thirteenth Congress, First Session, December 10, 2014   [open pdf - 749KB]

This is a testimony compilation from the December 10, 2014 hearing on "Cybersecurity: Enhancing Coordination to Protect the Financial Sector" held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Tim Johnson: "Safeguarding cyberspace has become increasingly complex as our lives become more entwined with technology. Technological innovation in financial services, such as mobile payments, peerto- peer lending, and cloud computing, can facilitate improvements in the consumer experience and economic growth. However, these innovations highlight the crucial need for sound cybersecurity policy, as many of these products are outside of the regulated financial sector. I have asked today's witnesses to discuss each of their roles in responding to cyber threats and how to improve information sharing. Law enforcement, the intelligence community, Treasury, and financial regulators each may have different missions, but in addressing cybersecurity concerns they all must be united in what some call a 'whole government' approach. I look forward to hearing more about cross-sector risks to the financial system, challenges facing small financial institutions, and how effective your partnerships with the private sector have been in improving cybersecurity practices. Cybersecurity is one of the most important issues facing the financial system. I urge all of the witnesses today, as well as policymakers in the next Congress, to act quickly to address cybersecurity concerns." Statements, letters, and materials submitted for the record include those of the following: Tim Johnson, Mike Crapo, Brian Peretti, Phyllis Schneck, Valerie Abend, William Noonan, and Joseph M. Demarest Jr.

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