House Hearing to Address Capital Market Threats

The House Committee on Financial Services is hosting a hearing tomorrow in which they will explore the various cyber threats targeting capital markets and government sponsored enterprises.

The House Committee on Financial Services is hosting a hearing tomorrow in which they will explore the various cyber threats targeting capital markets and government sponsored enterprises.

Entitled “Cyber Threats to Capital Markets and Corporate Accounts,” the hearing in front of the Committee on Financial Services is set to cover the various effects of online banking fraud and other forms cybercrime on businesses and corporations.

The hearing will take place tomorrow morning at 9:30 am EST and will likely include some discussion of today’s news that a couple of industry trade groups made bids to control the ‘.bank’ and ‘.insurance’ top-level domains. The hearing comes at a time when attacks against small and mid-sized businesses, corporations and the financial industry are a daily occurrence. Just today Threatpost reported on a new banking trojan that attempts to defeat two-factor authentication. Yesterday a 33 year-old Chinese man pleaded guilty to stealing proprietary source code used by the U.S. Federal Reserve to help track billions of dollars in government transfers. Beyond that we’ve seen banking trojans that mimic Chrome installers and a trojan called Tatanga that blended man-in-the-middle techniques with social engineering to dupe banks in Germany. These examples are merely those pulled together on a lazy stroll through the blog-roll, a deeper look reveals a darker landscape.

The hearing’s witness list includes Michele Cantley, a Senior Vice President and CISO at Regions Bank, who will be attending on behalf of the Financial Services-Information Sharing and Analysis Center, Mark G. Clancy, the Managing Director and CISO at the Depository Trust and Clearing Corporation, Mark Graff, the CISO of NASDAQ OMX, Paul Smocer, President of the Technology Policy Division at BITS Financial Services Roundtable, Errol S. Weiss the Director of the Cyber Intelligence Center at Citi, who will be attending on behalf of the Securities Industry and Financial Markets Association, and James Woodhill of the Coalition Against Online Banking Fraud.

Make sure you check back with Threatpost tomorrow for a full report on and analysis of the contents of the hearing.

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