Treasury official discusses cyber threats to financial sector

Privacy, Cyber Risk & Data Security Department of Treasury Russia Ukraine Ukraine Invasion

On November 1, Deputy Secretary of the Treasury Wally Adeyemo provided an update during the semi-annual joint session of the Financial and Banking Information Infrastructure Committee (FBIIC) and the Financial Services Sector Coordinating Council (FSSCC) on Treasury’s efforts to protect the agency and the financial sector from cyber threats. Adeyemo noted that actions taken to safeguard national security include “modernizing Treasury’s IT systems with an elevated cybersecurity threat focus, as well as ramping up partnerships with the financial and regulatory sectors far ahead of Russia’s unprovoked invasion of Ukraine to ensure swift, coordinated responses to thwart cyber attacks.” He further stressed the importance of fortifying these partnerships and remaining vigilant to heightened threats. Adeyemo also discussed how Russia’s invasion of Ukraine demonstrated the interconnectedness of the global financial sector and why enhancing operational resilience in major global banking hubs and vulnerable regions is a top priority for the Department. He called on FBIIC senior leaders to continue to drive Treasury’s “successful cloud and data protection workstreams forward,” while also building new initiatives focusing on other urgent, systemic risk issues that include the participation of FSSCC partners. “Reporting cybersecurity issues and vulnerabilities early and often enables us to better protect the broader financial sector,” Adeyemo said.