House Financial Services Subcommittee Holds Hearing on Cybersecurity and Cyber Infrastructure (with Delta Strategy Group Summary)

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing titled "Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats."

The purpose of the hearing was to give members of the Committee on Financial Services (the "Committee") a better understanding of: (i) how the financial sector protects itself from cyber threats, (ii) how market participants coordinate information sharing between themselves and federal agencies, (iii) what types of security measures and standards are in place to prevent breaches, and (iv) what types of training contingency plans are developed to address cyber threats.

The following witnesses testified:

• The Honorable Kenneth E. Bentsen, Jr., President and Chief Executive Officer, SIFMA (written testimony);
• Mr. Gregory T. Garcia, Executive Director, Financial Services Sector Coordinating Council (written testimony);
• Mr. Robert S. Nichols, President and Chief Executive Officer, Financial Services Forum (written testimony);
• Mr. Russ Fitzgibbons, Executive Vice President and Chief Risk Officer, The Clearing House (written testimony); and
• Mr. Jason Healey, Senior Research Scholar, School of International and Policy Affairs, Columbia University (written testimony).

Click here to view a summary of the hearing by Delta Strategy Group.

See: Hearing Memorandum; Webcast of Hearing.
See also: SIFMA Press Release Regarding Its "Five-Part Effort to Address Cyber Threats" and Testimony to Congress.