Barney Jopson of Financial Times about how US regulators are warning the government about the cyber threat to financial stability of the economy and how the government needs to act quick before something drastic happens:
Jack Lew, the US Treasury secretary, took a swipe at Republicans while presenting the report on Tuesday, claiming that a GOP financial reform bill announced last week would deliberately “tie this council in knots with delays and hurdles”.
Mr Lew said cyber security was the primary focus of multiple regulators and that it was essential for businesses and government to work together to share information and find ways to mitigate the damage done by successful attacks.
The regulators’ report pointed to the troubling implications of last year’s attack on Sony Pictures — which the US blamed on North Korea — noting that the company’s computers were apparently rendered inoperable, suggesting that attackers had reached a new level of sophistication.
An FSOC official said recent cyber assaults also underlined how companies had multiple vulnerabilities and attackers were constantly probing news ways to penetrate their systems.
It is unbelievable how vulnerable US financial companies and systems are these days. In previous years, the financial industry was well ahead of the power curve on cyber security, but they appear to be lagging lately.
In the context of all US businesses, however, the financial industry is light years ahead of your average company. Considering the types of data this sector deals with, it needs the best of the best talent in the country.