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Extract from remarks by Sarah Bloom Raskin, Deputy Secretary of the U.S. Department of the Treasury

The fact of the matter is that cybersecurity incidents are growing exponentially and the consequences are costly. In terms of the effects of incidents over the last several years, they have included the theft of credit and debit card accounts—through retailers like Target and Home Depot. Other incidents in the U.S. have included the exposure of sensitive information on hundreds of millions of individuals who kept information at banks like JP Morgan Chase, health insurers like Anthem and Premera Blue Cross, and government agencies like the U.S. Office of Personnel Management. Information stolen has ranged from street and email addresses to medical identification and social security numbers, and fingerprints and detailed biographical data. In fact, we later learned that an international crime syndicate allegedly used information stolen from these and other intrusions to manipulate the prices of U.S. stocks.

We have also seen cyberattacks destroy company systems and wipe out data, at Sony Pictures, and we have seen power blackouts triggered through digital means, which last year plunged just under a quarter of a million Ukrainians into darkness for several hours.

But as serious as these incidents are individually and collectively, none effectively illustrates the potential catastrophic consequences that cyber incidents can have when they transcend individual institutions, and affect our markets and financial systems. This is the focus of the U.S. Treasury Department in particular. For a glimpse of this type of risk, I’ll turn to Mr. Robot, a popular U.S. television series.

 

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