The House Financial Services Subcommittee on Capital Markets held a hearing on cybersecurity threats to the U.S. financial industry. According to a recent PricewaterhouseCooper report cybercrime is the second most commonly reported economic crime in the financial industry. It accounts for 38% of economic crime related incidents compared to other industries with 16% cybercrime.
Witnesses representing the banking and capital market industries discussed the importance in information sharing on cybersecurity threats between public and private financial sectors, improving cyber defenses and educating consumers.