ABA Testifies on Ways Congress Can Help Fight Cyber Threats

SOURCE: American Bankers Association

WASHINGTON — Congress should act swiftly to enhance the banking industry’s ability to share critical cybersecurity threat information, as well as to enact a national data security and notification law, according to testimony from the American Bankers Association before the Senate Judiciary Committee today.

Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy, testified that the banking industry’s defenses against cyber threats continue to mature, but challenges remain.  He expressed support for the Administration’s recent executive order authorizing the Secretary of Treasury to impose sanctions on individuals and entities responsible for or complicit in malicious cyber-enabled activities that pose a significant threat to the national security, foreign policy, economic health or financial stability of the United States.

“The financial services sector’s capacity to withstand the direct attack on our critical financial infrastructure as a result of significant, purportedly nation state-based denial of service attacks demonstrated our sector’s capacity to act collectively to respond to major attacks and minimize their capacity to cascade throughout the sector,” Johnson said.  “The sanctions order sends a strong signal to cybercriminals and foreign entities that America is committed to fighting this increasing threat. We share this commitment to working together to help protect our critical infrastructure and the economic security of our country.”

While the recent executive order is important, Johnson testified that Congress can also assist by passing legislation to fill important gaps that current law or executive action cannot.  To that end, he expressed ABA’s support for the committee’s efforts to propose the International Cybercrime Prevention Act of 2015.

“We look forward to working with Congress, this committee and the Administration to improve the legal and operational tools necessary to deter, detect, apprehend and prosecute those that are using technology designed to create a more efficient and effective global economy for criminal purposes,” Johnson said.

For a copy of Johnson’s full testimony, please click here.

The American Bankers Association is the voice of the nation’s $15 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend more than $8 trillion in loans. Learn more at aba.com.