Banking Committee to examine financial cybersecurity

The Senate Banking Committee next Wednesday will hold a hearing on cybersecurity in the financial sector.

Lawmakers and regulators have been pressuring banks to boost their cyber defenses in the wake of a major breach at JPMorgan that exposed the names, addresses, phone numbers and emails of 76 million households.


Senators will hear from officials at the FBI, Homeland Security Department, Secret Service and Treasury Department, among others.

Of particular interest will be the committee’s questions for Brian Peretti, the Treasury Department’s director of the Office of Critical Infrastructure Protection and Compliance Policy.

Committee Chairman Tim JohnsonTimothy (Tim) Peter JohnsonSeveral hurt when truck runs into minimum wage protesters in Michigan Senate GOP rejects Trump’s call to go big on gun legislation Court ruling could be game changer for Dems in Nevada MORE (D-S.D.) and Ranking Member Mike CrapoMichael (Mike) Dean CrapoOvernight Health Care — Presented by PCMA — Sanders mounts staunch defense of 'Medicare for All' | Biden, Sanders fight over health care heats up | House votes to repeal ObamaCare 'Cadillac Tax' | Dems want details on fetal tissue research ban Hillicon Valley: Senators unload on Facebook cryptocurrency plan | Trump vows to 'take a look' at Google's ties to China | Google denies working with China's military | Tech execs on defensive at antitrust hearing | Bill would bar business with Huawei Senators unload on Facebook cryptocurrency at hearing MORE (R-Idaho) recently pressed Treasury for information on the agency’s financial sector cyberattack mitigation strategy.

“It is vital that government agencies and private institutions remain vigilant and coordinated in ensuring the safety and security of our networks, especially as it applies to the valuable personal and financial information of American consumers,” they said.

The senators asked for details about how Treasury coordinates with other federal agencies on cyber, as well as how it interacts with banks about cyber intrusions.

As banks’ fears of cyberattacks have grown, the industry has enhanced its sharing of cyber threat information and increased cyber defense spending.

Not all regulators are convinced it’s enough.

Comptroller of the Currency Thomas Curry recently warned banks that the government would be conducting spot checks of firms’ cybersecurity measures.

An official from the comptroller’s office will testify at the hearing.

Despite much discussion, no legislation is expected to pass on the issue this Congress.