July 16, 2014

Lew urges stronger efforts against cyber threats

July 17, 2014 – Treasury Secretary Jack Lew yesterday urged financial institutions to increase their defenses against cyberattacks and threats to better protect consumers during a speech at CNBC and the Institutional Investor's 4th Annual Delivering Alpha Conference.

"The consequences of cyber incidents are serious," Lew said in his remarks. "When credit card data is stolen, it disturbs lives and damages consumer confidence. When trade secrets are robbed, it undercuts America's businesses and undermines U.S. competitiveness. And successful attacks on our financial system would compromise market confidence, jeopardize the integrity of data, and pose a threat to financial stability."

During his speech, Lew reiterated his call to Congress to pass comprehensive legislation to improve information sharing by providing targeted liability protections while ensuring consumers' privacy is kept.

NAFCU is also continuing to urge Congress to enact national data security standards for retailers as they address the broader issue of cybersecurity. NAFCU Vice President of Government Affairs and General Counsel Carrie Hunt and other staff met last week with Treasury Acting Assistant Security for Financial Institutions Amias Gerety on a number of key issues, including cybersecurity.

NAFCU was the first financial services trade organization to push for national standards for retailers following the massive Target data breach late last year.