Cybersecurity: Threats to the Financial Sector
Today's hearing will provide members of this subcommittee the opportunity to better understand the challenges financial institutions and their customers face from cyber threats. This year alone there have been numerous security breaches and attacks on private companies, federal agencies, and financial institutions. Reports estimate that more than $1 trillion is lost annually to cyber attacks and thaton average a security breach costs a small business approximately $7 million.
These threats are especially acute in the financial services industry. In June of this year, Citigroup reported that sensitive account information for 200,000 customers had been compromised by hackers.Statistics show that most of these attacks originate in Eastern European countries that were once part of the Soviet Union. Unfortunately, most of these nations do not regard the actions of the hackers to be a crime so it is very difficult to bring these criminals justice.
The technological advances that provide hackers with the ability to carry out these attacks also make it very difficult to track the actions of the hackers. In order to effectively combat these hackers it is critical for financial institutions to share information with other institutions as well as federal law enforcement agencies.
The Administration and Congress are actively working on ways to better protect our nation's businesses and citizens from these attacks. Today's hearing is just one component of this work.
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These threats are especially acute in the financial services industry. In June of this year, Citigroup reported that sensitive account information for 200,000 customers had been compromised by hackers.Statistics show that most of these attacks originate in Eastern European countries that were once part of the Soviet Union. Unfortunately, most of these nations do not regard the actions of the hackers to be a crime so it is very difficult to bring these criminals justice.
The technological advances that provide hackers with the ability to carry out these attacks also make it very difficult to track the actions of the hackers. In order to effectively combat these hackers it is critical for financial institutions to share information with other institutions as well as federal law enforcement agencies.
The Administration and Congress are actively working on ways to better protect our nation's businesses and citizens from these attacks. Today's hearing is just one component of this work.
Cybersecurity: Threats to the Financial Sector
Today's hearing will provide members of this subcommittee the opportunity to better understand the challenges financial institutions and their customers face from cyber threats. This year alone there have been numerous security breaches and attacks on private companies, federal agencies, and financial institutions. Reports estimate that more than $1 trillion is lost annually to cyber attacks and thaton average a security breach costs a small business approximately $7 million.
These threats are especially acute in the financial services industry. In June of this year, Citigroup reported that sensitive account information for 200,000 customers had been compromised by hackers.Statistics show that most of these attacks originate in Eastern European countries that were once part of the Soviet Union. Unfortunately, most of these nations do not regard the actions of the hackers to be a crime so it is very difficult to bring these criminals justice.
The technological advances that provide hackers with the ability to carry out these attacks also make it very difficult to track the actions of the hackers. In order to effectively combat these hackers it is critical for financial institutions to share information with other institutions as well as federal law enforcement agencies.
The Administration and Congress are actively working on ways to better protect our nation's businesses and citizens from these attacks. Today's hearing is just one component of this work.
These threats are especially acute in the financial services industry. In June of this year, Citigroup reported that sensitive account information for 200,000 customers had been compromised by hackers.Statistics show that most of these attacks originate in Eastern European countries that were once part of the Soviet Union. Unfortunately, most of these nations do not regard the actions of the hackers to be a crime so it is very difficult to bring these criminals justice.
The technological advances that provide hackers with the ability to carry out these attacks also make it very difficult to track the actions of the hackers. In order to effectively combat these hackers it is critical for financial institutions to share information with other institutions as well as federal law enforcement agencies.
The Administration and Congress are actively working on ways to better protect our nation's businesses and citizens from these attacks. Today's hearing is just one component of this work.
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Cybersecurity: Threats to the Financial Sector
Cybersecurity: Threats to the Financial Sector
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Product Details
| BN ID: | 2940013235632 |
|---|---|
| Publisher: | U.S. House of Representatives |
| Publication date: | 10/26/2011 |
| Sold by: | Barnes & Noble |
| Format: | eBook |
| File size: | 566 KB |
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