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Cyber Daily: Financial Sector Needs Cybersecurity Help, Think Tank Says | Europe Leans on U.S. for Tracking Terror Financing
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Good day. More coordination is needed between regulators and the financial sector to halt cyberattacks, according to a group of economic and industry bodies. Banks stressed the need for a common approach to cybersecurity practices across international borders, WSJ Pro's James Rundle reports.
Also today: EU leans heavily on U.S. program tracking terror financing.
Weekend reading: CISA official's ouster tests government relations with private sector; diversity in cybersecurity; more data restrictions from Europe; Microsoft calls for global cyber crackdown
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Financial Services Infrastructure at Risk
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Bank of England Governor Andrew Bailey PHOTO: POOL NEW/REUTERS
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Think tank urges financial sector action on cyber threats. Despite decades of heavy investment in cybersecurity, the global financial system remains vulnerable to cyberattack because banks and regulators fail to coordinate their activities, a report from a leading think tank said Wednesday.
Events such as the series of attacks on New Zealand’s stock exchange in August that brought trading to a standstill, as well as a successful cyberattack on accounts held by the central bank of Bangladesh in 2016, show how vulnerabilities continue to disrupt the financial sector, said the Carnegie Endowment for International Peace’s 233-page report.
International groups exist to promote economic cooperation within financial services, including the Group of Seven nations and Group of 20 major economies and the Financial Stability Board, an organization of finance ministries and central bank governors. But cybersecurity is largely left up to individual nations and institutions, the report said.
“The sad fact is that it is a risk that is not going to go away. We have to keep working to counter this risk,” said Bank of England Governor Andrew Bailey.
Read the full story.
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69%
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Percentage of senior executives in health care who said their spending on cybersecurity consulting will rise next year to assess gaps and improve protection, according to Black Book Market Research. The group surveyed 219 C-suite leaders in the sector.
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The U.S. has shared Terrorist Finance Tracking Program data with European partners about a number of serious terrorist incidents in Europe—including a 2017 truck attack in Stockholm. PHOTO: ODD ANDERSEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
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EU leans heavily on U.S. program tracking terror financing. The Treasury Department’s Terrorist Finance Tracking Program, or TFTP, was created after the Sept. 11, 2001, attacks. New data shows it is now widely used by European authorities—even as European Union institutions, concerned about the privacy of their citizens and possible surveillance, move to more strictly control transfers to the U.S. of data they gather, The Wall Street Journal reports.
Big user: Some 40% of the database searches performed by Treasury were on behalf of EU member states or Europol, the EU’s law-enforcement arm, according to information gathered as part of a review by the U.S. Privacy and Civil Liberties Oversight Board, an independent federal agency that advises the president on intelligence and counterterrorism programs. The audit covered three years.
Evading obstacles: The program has been controversial in Europe from the start. In general, the EU has much stricter rules governing personal data privacy. “The EU has effectively deputized the U.S. Treasury to perform counterterrorism searches of European data,” said Adam Klein, president of the board. A spokeswoman for the EU mission to the U.S. didn’t respond to a request for comment.
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