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Jack Lew: Cyber Intrusions ‘Not Insurmountable’ for Public, Private Sectors

Jack Lew
Jack Lew

Treasury Secretary Jack Lew has delivered a speech to highlight efforts in the public and private effort sectors to fight cyber incursions.

The official sought to illustrate Wednesday how those incidents can affect citizens’ lives, financial systems and the economy by using real-world examples from both actual attacks and accidental failures.

He noted the banking sector’s efforts to shore up cyber defenses but said support from third-party vendors and contractors is just as important in maintaining the country’s financial institutions.

Lew urged leaders of the business community to engage in information sharing and open up communications with the government, other companies and within their organizations.

He said the agency’s newly created Financial Sector Cyber Intelligence Group will work to provide data to industry for information sharing.

“This unit consists of cyber experts and security analysts who scour law enforcement and intelligence reports constantly to find relevant activity, analyze and connect the dots between events, and issue information bulletins for security professionals in the financial sector,” Lew said at the fourth annual Delivering Alpha conference in New York.

Lew said the Treasury and the Obama administration are continuing to look for ways to strengthen cyber security strategy across the government.

He also encouraged Congress to pass relevant laws to support collaboration and liability protection.

“The perils of cyber space are not insurmountable,” Lew said.

“Cyber security must be ongoing, and by working together—all of us—we will meet this test,” he concluded.

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