Subcommittee Examines Cyber Threats to U.S. Financial Sector

Press Release

The House Oversight and Investigations Subcommittee held a hearing today as a part of an ongoing series on the growing threat cyberattacks pose to the U.S. economy and the financial services sector.

"Nearly every government agency has been a target of cyber attacks, and with the recent OPM breach, the federal government has now provided a channel for these criminals to access sensitive personal information. In the wake of these incidents, the CFPB continues to collect information on consumers and their financial practices, and Obamacare has created vast data hubs to collect and store scores of highly sensitive personal and health information on our citizens," said Subcommittee Chairman Sean Duffy (R-WI).

Key Takeaways from the Hearing:

An increasing and prominent number of nation-states, criminal organizations, terrorist groups, and "hacktivists" are motivated to and capable of carrying out cyberattacks against the U.S.

The nation's financial sector is at increased risk of cyberattack relative to other sectors, not only because there is a significant financial incentive to attack financial institutions but also because the sector is a symbol of Western power and capitalism.

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