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Committee Continues Focus On Cyber Crime Threat To Consumers and Financial Sector

Washington, September 13, 2011 - WASHINGTON -The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, will hold a hearing on Wednesday to examine the cyber security threat to the nation’s financial sector.

During the hearing, the Subcommittee will examine the threats hackers pose to financial institutions and government agencies, the methods used by hackers to breach information-technology systems, and the cooperation among government agencies and the private sector to thwart hackers.

“In a relatively short time, the Internet has become an essential part of our daily lives and our economy.  That’s why it is imperative for us to continually confront the threat posed by cyber criminals here at home and abroad who try to exploit weaknesses in our security,” said Financial Services Committee Chairman Spencer Bachus. 

“Increased reliance on technology allows us to conduct business more efficiently and effectively across the globe, but also exposes us to greater risk.  We want to ensure that our financial institutions are as well-prepared as possible to address vulnerabilities and deal with the threat of a cyber attack,” said Subcommittee Chairman Capito.

This is the second hearing the committee has held this year on cyber security.  In June, the committee met at the National Computer Forensics Institute in Alabama, where law enforcement officers from across the country are trained on how to detect, prevent and prosecute cyber crimes.

The costs of cyber crime to businesses and consumers are enormous.  The computer security firm McAffee, Inc. reports that each year more than $1 trillion is lost globally through cyber crime.  Symantec, the largest maker of computer-security software, has reported that data breaches cost individual businesses more than $7 million on average per breach.

The hearing will take place on Wednesday, September 14 at 10 a.m. in room 2128 Rayburn.

Witnesses scheduled to testify:
Panel I:
A.T. Smith, Assistant Director, United States Secret Service
Gordon Snow, Assistant Director, Federal Bureau of Investigation
Greg Schaffer, Acting Deputy Under Secretary, Department of Homeland Security

Panel II:

William Nelson, President, Financial Services–Information Sharing and Analysis Center (FS-ISAC)
Bryan Sartin, Director, Investigative Response, Verizon
Brian Tillett, Chief Security Strategist, Symantec
Greg Garcia, Partnership Executive for Cybersecurity and Identity Management, Bank of America
Greg Shannon, Chief Scientist, Carnegie Mellon University’s Software Engineering Institute CERT Liaison Program
Marc Rotenberg, President, Electronic Privacy Information Center (EPIC)

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