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Treasury Sec. Jack Lew: US, UK Coordinate to Bolster Financial Service Cybersecurity

Several U.S. and British government and financial services industry representatives held a tabletop exercise Thursday as they seek to create a shared understanding of cybersecurity incident response, data sharing and public communication issues. The Treasury Department said Thursday the joint U.S.-U.K. meeting was part of a translantic effort in cyberspace and aimed to …

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Treasury: Fiscal 2015 Deficit at Lowest Level in 8 Years

The Treasury Department reported that the fiscal 2015 federal budget deficit was $439 billion, a 9 percent decline from the prior-year shortfall and the smallest deficit since 2007. Last fiscal year’s deficit accounted for 2.5 percent of the U.S. gross domestic product, compared with 2.8 percent in FY 2014, and …

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Reuters: Sony Hack Prompts Financial Sanctions on North Korean Entities

An executive order from President Barack Obama has imposed financial sanctions on three entities and 10 individuals from North Korea as an intended punishment the cyber attack on Sony Pictures Entertainment, Reuters reported Sunday. Julia Edwards and Jason Lange write that North Korea’s military intelligence organization, Korea Mining Development Trading, Korea Tangun Trading and certain employees of the …

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

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 …

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Passback Day Vital to Budgets for Next Fiscal Year

Today is “Passback Day,” when the Office of Management and Budget passes back drafts of proposed budgets for the next fiscal year to federal agencies. The idea is to complete a final budget proposal for the president in January of the next year. The Washington Post reported OMB Director Jack …

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OMB Releases Telework Security Requirements

Office of Management and Budget Director Jacob Lew issued Friday a memo to agencies that outlined the minimum security guidelines for implementing the Telework Enhancement Act of 2010. The memo urged agencies to ensure that cybersecurity protections for information and information systems are used while teleworking. In the memo, Lew …

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CBO Says White House Plan is Costly

According to the Congressional Budget Office, the White House’s plan to sell off government properties to save money will actually end up costing the government more. A report by the agency found the proposal would increase spending by $60 million in the next decade. The proposal, which is part of …

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