Lawmakers urge increased cybersecurity protections in financial sector

Reps. Emanuel Cleaver, II (D-MO) and Gregory Meeks (D-NY) recently urged federal financial regulators to strengthen cyber infrastructure against possible attacks on the heels of recent threats from Iran and its allies.

The congressman forwarded correspondence to nine separate financial regulatory entities while also calling for increased information sharing with law enforcement and regulated entities to protect consumers and the nation’s national financial systems.

“Iran has proven to be exceptionally capable when it comes to cyberwarfare,” Cleaver said. “As tensions with the Iranian regime continue to unnecessarily escalate, it’s critical that financial regulators and individual institutions be proactive in preparation for potential cyber-attacks against our financial system. While I’m hopeful we can avoid any further conflict, it’s important we be prepared to protect consumers and defend our financial system from any major disruptions.”

Financial services firms are impacted by security incidents 300 times more frequently than businesses in other industries.

“The Iranian regime’s cyber-threat capabilities against our financial infrastructure has already been demonstrated,” Meeks said. “It is critical that our financial regulators develop and communicate a clear action-plan to thwart potential cyber-attacks from Iran and its allies, which could cripple our financial sector, and cause real economic harm to American families.”

Meeks said knowing Iran’s potential targets is only an advantage if leaders here take the necessary steps to defend existing vulnerabilities.