NCJ Number
199374
Date Published
January 2003
Length
59 pages
Annotation
This report sets out to identify the Nature of cyber threats faced by the nation’s financial services industry, steps taken to address potential threats, and efforts of government and the private sector to protect the industry’s critical infrastructures.
Abstract
The Nation’s cyber and physical public and private critical infrastructures, specifically the financial services industry, are essential and crucial to national and economic security and public health and safety. The financial services industry faces many types of cyber threats, such as attacks from individuals and groups with malicious intent. Its attractiveness as a target increases with the potential for monetary gain and economic disruptions. This report presents recommendations to the financial services industry on efforts to address cyber threats through a review of the general nature of cyber threats faced by the industry, steps the industry has taken to share information on and to address threats, vulnerability, and accidents, the relationship between government and private sector efforts to protect the industry’s critical infrastructures, and actions that financial regulators have taken to address cyber threats. Recommendations presented include: (1) a directive from the Secretary of the Treasury for the Assistant Secretary for Financial Institutions to coordinate with the industry in its efforts to update the sector’s National Strategy for Critical Infrastructure Assurance establishing interim objectives detailed tasks, timeframes, and responsibilities for implementing it, and a process for monitoring progress and (2) assess the need for grants, tax incentives, regulation, or other public policy tools to assist in meeting the industry’s goals. Appendix