Security News > 2020 > January > Treasury Wants to Collect More Cyber Risk Details From Banks

The U.S. Treasury Department is proposing to collect more information from banks and financial markets about the cybersecurity risks they face, according to notices posted in the Federal Register.

In a notice published in the Federal Register on Wednesday, the Office of Cybersecurity and Critical Infrastructure Protection, which is a part of the Treasury Department and has responsibility for protecting the country's financial infrastructure from attacks, proposes to collect more information from the private sector to understand the potential cyber risks to U.S. financial services.

If the new proposed guidelines are approved, Treasury officials say, the department would be able to collect more data and have greater insights into what's happening across the financial sector.

"Part of our mission is looking at the implementation of best practices," Elizabeth Irwin, a cyber policy adviser at the Treasury Department, told NextGov. Many U.S. banks and financial institutions already report information about cybersecurity and risk to a number of regulatory agencies, including the Federal Financial Institutions Examination Council and the Federal Reserve, says Chris Pierson, CEO of cybersecurity firm Blackcloak.

The updates from the Treasury Department also come after two Democratic congressmen sent letters to nine federal financial regulatory agencies, including the Treasury Department and the Office of the Comptroller of the Currency, asking them to shore up cyberdefenses in the sector due to increasing security threats from Iran.

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https://www.inforisktoday.com/treasury-wants-to-collect-more-cyber-risk-details-from-banks-a-13642