A large-scale cyber attack is probably the most significant and systemic threat facing the US economy: SIFMA

Published: Wednesday, 20 May 2015 07:56

SIFMA president and CEO Kenneth E. Bentsen, Jr., has testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing entitled, ‘Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats.’

In his comments, Bentsen outlined SIFMA’s comprehensive, five-part effort to address cybersecurity threats and related risks to its membership of banks, broker-dealers and asset managers and the financial services industry at large, with the ultimate goal of enhancing protections for the capital markets and the millions of Americans who use financial services every day. Bentsen underscored that a robust partnership between the industry and government is the most effective way to mitigate threats, and that information sharing legislation is essential to strengthen this partnership.

Bentsen claimed that “a large-scale cyber attack is likely the most significant and systemic threat facing our economy today … SIFMA member firms have invested huge sums of capital into their cyber deterrence programs over the years and have enhanced their efforts to match the growing threat. From criminals seeking financial gain, to nation states committing corporate espionage, to cyber terrorists seeking to dislocate markets and destroy confidence, cyber threat actors are becoming more sophisticated, making cybersecurity an area of risk that must be actively managed by firms similar to all other areas of risk.”

Bentsen’s full written testimony can be read here.