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Senators Urge President Obama to Raise Financial System Security Issues During G-20 Leaders’ Summit

cybersecurityA group of six Democratic U.S. senators wrote a letter to President Barack Obama asking him to address cybersecurity of financial institutions when he meets with his international counterparts at the G-20 Summit that will be held in Hangzhou, China from Sept. 4 to 5.

The senators said in their joint letter published Monday they believe the increase in the number of cyber attacks on the financial services industry creates “significant” risks for the global financial system and economy.

They noted that countries should collaborate to develop and implement a coordinated approach to thwart cyber crimes against the sector as well as to expand current cybersecurity programs.

“We are hopeful that a robust commitment to these efforts is reflected in any relevant communiques that result from the September G-20 Leaders summit,” the lawmakers told President Obama.

The lawmakers added collaborative systems are key to prevent another financial system security incident like the cyber theft of $81 million from the Bangladesh central bank through an international financial messaging system run by the Society for Worldwide Interbank Financial Telecommunication.

The letter was signed by Sens. Gary Peters (D-Michigan), Sherrod Brown (D-Ohio), Kirsten Gillibrand (D-New York), Martin Heinrich (D-New Mexico), Debbie Stabenow (D-Michigan) and Mark Warner (D-Virginia).

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