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The creation of a new cybersecurity agency is the latest move by the Obama administration to combat the increasing threat of cyberattacks.
February 10 -
The central bank is floating the concept of using the Internet to facilitate the direct clearing of transactions between financial institutions, which would likely diminish its own role in the U.S. payment system.
February 11 -
A new push by President Obama to tighten cybersecurity at banks and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.
January 12
WASHINGTON Top executives from Bank of America, U.S. Bancorp, American Express, MasterCard, Microsoft and Apple are expected to participate as part of a White House summit on cybersecurity issues in California on Friday.
The event at Stanford University will feature President Obama as well as several panels on issues including better public-private collaboration on the issue as well as the promotion of a more secure payment system.
Brian Moynihan, Bank of America's chief executive, and Ajay Banga, the president of MasterCard, are scheduled to speak on a panel about data breaches and how they've undermined consumer confidence. The panel will also feature the heads of AIG, Intel and the Center for Democracy and Technology.
Richard Davis, the head of U.S. Bank, and Charles Scharf, the CEO of Visa, are scheduled to appear on a panel dedicated to exploring "opportunities for innovation" and security in the payment system. Also on the panel will be Dan Schulman, the CEO of PayPal, while Treasury Deputy Secretary Sarah Bloom Raskin will moderate.
"Participants will discuss opportunities to spur collaboration and develop partnerships on cybersecurity and consumer protection, share best practices that promote stronger adherence to security standards, and discuss ways to improve cyber threat information sharing and encourage adoption of more secure payment technologies," a statement from U.S. Bancorp said.
The summit is part of a renewed push by Obama for Congress to pass legislation that would make it easier for the government to share information about cyber threats with the private sector.
Lisa Monaco, assistant to the president for homeland security and counterterrorism, said earlier this week that Obama is also concerned about the security and evolution of the payment system.
"This is one of the things we are talking about at Stanford in a few days, consumer protections online what are the new and next generation of payment systems that could move us pass the password to an inherently more secure payment system," Monaco said.
