Regulators gather to discuss protection of financial system as war in Ukraine rages

Protecting the U.S. financial system from cyber attacks, especially in the face of war in Ukraine, was the subject of a meeting Thursday of federal financial institution regulators and organizations representing state regulators, the Treasury Department said.

The meeting of the Financial and Banking Information Infrastructure Committee, chaired by Deputy Secretary of the Treasury Wally Adeyemo, emphasized the importance of information sharing to support detection of suspicious or malicious activity so that financial entities can better protect themselves, the agency said, particularly in the face of such increased threats as those “arising from Russia’s unprovoked invasion of Ukraine.”

According to Treasury, the participants received an update on the efforts of the FBIIC Cloud Working Group and other joint efforts for progress on incident response plans. Adeyemo told the group that a heightened threat level is likely to continue in the future and urged participants to accelerate efforts on joint cybersecurity projects, Treasury said.

All five of the federal financial institution regulatory agencies attended the meeting, along with groups representing state banking and credit union regulators.

READOUT: Financial and Banking Information Infrastructure Committee Meets to Discuss Protection of U.S. Financial System