US Officials Take Steps to Ensure Cybersecurity in Financial Sector

US Treasury Department is taking steps to raise US financial market scybersecurity, developing new tools for financial institutions to evaluate their readiness to identify, mitigate and respond to cyber threats.

WASHINGTON (Sputnik) — United States officials are undertaking measures to prevent US financial markets from being harmed by cyber threats, the US Department of the Treasury said in a release on Wednesday.

“[The Department of the] Treasury and US regulators have taken steps to prompt financial institutions to mitigate risks to the financial system posed by malicious cyber activities,” the release read.

The measures, the release added, include “developing new tools for financial institutions to evaluate their readiness to identify, mitigate and respond to cyber threats” as well as to "focus on technology service providers’ cybersecurity preparedness."

The Treasury Department said they encourage establishing a national plan for cyber incident response for the US financial sector. The plan would include identifying and stating the role of law enforcement, the Department of Homeland Security (DHS) and financial regulators, as moderated by the US Treasury, in ensuring cybersecurity.

Moreover, the Treasury Department said expressed hope a comprehensive cybersecurity legislation, which would include proposals to enhance cybersecurity information sharing and data breach notifications, will be passed.

On Wednesday, US Senators Angus King and Mark Warner requested the cybersecurity funding for the Office of Personnel Management should be protected from sequestration after a massive cyberattack exposed the personal data of virtually all current and former federal government employees.