Representatives Robin L. Kelly (D-IL) and James A. Himes (D-CT) urged Treasury Secretary Steven T. Mnuchin to ensure that the "Treasury Department do all it can to keep our banking sector safe" from cybersecurity threats.
The representatives noted recent "high profile attacks" on banks in 18 different countries by Lazarus, "a hacking operation connected to the North Korean regime." The representatives expressed concern that "these attacks will help fund missile tests and the development of nuclear weapons," particularly for "rogue states like North Korea." The representatives stated that:
"We look forward to working on legislation to keep the Treasury Department, the Federal Reserve System, and all members of the banking sector safe from cyber threats. We request that you brief us on the work that the Treasury Department is doing to partner with the private sector to deter, mitigate, and eliminate cybersecurity threats posed by malicious actors, including nation-state adversaries."
Commentary
The April 6, 2017 letter to Secretary Mnuchin from the ranking Democratic members of the Oversight and Government Reform Subcommittee on Information Technology and the Intelligence Subcommittee on the NSA and Cybersecurity highlights that the dangers of cyberattacks on financial institutions do not just include the threat of economic harm, but also risks to national security and global stability. Regulators should partner with financial institutions and other corporations to provide meaningful guidance in addressing these serious concerns.
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