From: US Dept. of Treasury
Protecting Financial Cyberspace
WASHINGTON – Good morning. Thank you Steve, for that kind introduction, and thank you to the Public Company Accounting Oversight Board for inviting me to speak at your tenth International Institute on Audit Regulation. The PCAOB has been instrumental in protecting investors by enhancing audit quality, and is a shining example of the benefits of audit regulation. I am pleased to be here with you to describe what we have been doing in the financial sector to deal with a significant threat to financial stability—and that is the threat from cyber incidents.
The Institute’s annual forum is perfect for this discussion. You just completed a panel on the impact of technology, data analytics, and continuous monitoring on audits of the future. Later today another panel will continue the discussion of cybersecurity. I hope to add to your agenda by describing how to protect the international financial system in cyberspace. And that is: Combining peacetime norms with a shared risk-based approach to cyber defenses, which includes—as probably most relevant to this group—a consistent and credible assurance process. Together cyber norms and defenses have the potential to move the needle on cybersecurity and resiliency for the financial sector and beyond.
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