Watchdog report: Banks, financial systems vulnerable to cyber attacks

WASHINGTON — A new watchdog report  says the federal government needs to do more to stop cybersecurity attacks on our banks and financial systems.

The U.S. Government Accountability Office report calls for different federal agencies to work together to fight against cybersecurity threats, as an attack on our financial systems can compromise both personal and financial information.

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“It’s something that is really front and center in threats that this country is facing,” Maine Sen. Angus King said in a discussion on Capitol Hill this summer.

The U.S. financial sector is responsible for more than $100 trillion, making it a critical component of our country’s infrastructure, and one that’s vulnerable to hackers.

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The report goes on to say cyber criminals are using more sophisticated malware than in the past, and more networks are using systems like the cloud and mobile apps which can potentially be breached.

The report calls for the Treasury Department to work with the Department of Homeland Security to track and respond to cyber security threats.

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Earlier this year, a bi-partisan congressional commission tasked with coming up with a cybersecurity plan called for changes within the government, including the creation of a National Cyber Director.

“It’s important to note that the overall approach we’re taking is to not create a bunch of new organizations in the federal government, but rather an attempt to elevate and empower existing organizations,” Wisconsin Rep. Michael Gallagher said.

In response to the report, the Department of Treasury pointed out it doesn’t have the power to make private companies handover data on cybersecurity threats, so it relies on companies to volunteer that information in order to help in the wide-scale tracking of threats.

Cox Media Group