Strengthening America’s Cybersecurity Safeguards
Banks Support Administration’s Commitment to Strengthening Cybersecurity Safeguards
CEOs from several of BPI’s member banks attended a meeting on Aug. 25 hosted by the White House and the National Security Council to discuss how to strengthen and preserve critical infrastructure defenses against the growing risk of cyber threats. Chris Feeney, BPI executive vice president and president of BITS, the technology policy division of BPI, issued the following statement in response to the meeting:
“BPI and its member institutions strongly support the Administration’s commitment to strengthen our nation’s cybersecurity safeguards and its affirmation of the need to prioritize a meaningful public-private partnership. Banks are critical to the U.S. economy and are key targets for both nation-state and independent actors seeking to subvert U.S. policy and profit off of the backs of hard-working Americans. The expansion of complex and borderless threats, most notably ransomware attacks, represents a substantial risk to national security and demonstrates the importance of improving collaboration.
“The banking industry is investing significant resources to defend against these attacks. Banks are committed to collaborating with the Administration to mitigate risks and deter the use of any instruments, such as unregulated entities facilitating ransom payments in cryptocurrency, that enable crimes to occur anonymously and outside the reach of law enforcement. The banking industry has demonstrated for decades its leadership on cybersecurity and its ability to safeguard consumers and ensure the resilience of the financial system. And in concert with government partners and information-sharing organizations, including the Financial Services Information Sharing and Analysis Center, the Analysis and Resilience Center for Systemic Risk, the Financial Services Sector Coordinating Council and the Tri-Sector Working Group, they will achieve these objectives.”