[Congressional Record Volume 166, Number 8 (Tuesday, January 14, 2020)]
[Extensions of Remarks]
[Pages E34-E35]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       CYBERSECURITY AND FINANCIAL SYSTEM RESILIENCE ACT OF 2019

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                        Monday, January 13, 2020

  Ms. JACKSON LEE. Madam Speaker, as a senior member of the Homeland 
Security Committee and its Subcommittee on Cybersecurity, 
Infrastructure Protection, and Innovation, I rise in strong support of 
H.R. 4458, the ``Cybersecurity and Financial System Resilience Act of 
2019.''
  The bill before us requires the Board of Governors of the Federal 
Reserve System to submit a report to Congress, explaining the measures 
taken to strengthen cybersecurity functions within the Federal Reserve 
System.
  In recent years, cybercrimes across the world have become 
increasingly commonplace and a serious threat to the American people.
  In a 2018 Gallup Poll, 71 percent of Americans say they frequently or 
occasionally worry about being victims to a cybercrime whereas less 
than 30 percent of Americans worried about being victims in a violent 
crime.

[[Page E35]]

  With cybercrimes like the WannaCry ransomware attack of 2017, which 
remains one of the worst ransomware attacks in history with over 150 
countries affected and over 4 billion dollars pilfered by cyber 
thieves, people, businesses, and governments across the globe are at 
risk.
  In the United States, the financial services industry suffers from 
the highest average annual costs due to cybercrimes like data breaches, 
ransomware, phishing, and identity theft.
  Over the last 10 years, the Government Accountability Office has 
found that the number of cyber attacks that target federal agencies has 
increased from 5,500 to over 77,000 per year.
  Madam Speaker, this legislation will help prevent a potential cyber 
threat to the global financial system.
  Requiring increased reporting and information sharing for the Federal 
Reserve will strengthen current protocols and create new policies to 
address threats like the destruction of information without official 
authorization, malware attacks, and the denial of service activities.
  This bill will also lay the foundation for further cybersecurity 
efforts among departments and agencies of the Federal Government, 
foreign central banks, and other partners.
  I ask all members from both sides of the aisle to join me in voting 
to pass H.R. 4458.

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