Heinrich Among Senators Urging Obama To Raise Financial System Security Issues At G-20 Summit

By Mary-Louise Hoffman

A group of six Democratic U.S. senators including Martin Heinrich (D-New Mexico) wrote a letter to President Barack Obama asking him to address cybersecurity of financial institutions when he meets with his international counterparts at the G-20 Summit Sept. 4-5 in Hangzhou, China.

The senators said in their joint letter published Monday they believe the increase in the number of cyber attacks on the financial services industry creates “significant” risks for the global financial system and economy. They noted that countries should collaborate to develop and implement a coordinated approach to thwart cyber crimes against the sector as well as to expand current cybersecurity programs.

“We are hopeful that a robust commitment to these efforts is reflected in any relevant communiques that result from the September G-20 Leaders summit,” the lawmakers told President Obama.

The lawmakers added collaborative systems are key to prevent another financial system security incident like the cyber theft of $81 million from the Bangladesh central bank through an international financial messaging system run by the Society for Worldwide Interbank Financial Telecommunication.

The letter was signed by Sens. Martin Heinrich (D-New Mexico), Gary Peters (D-Michigan), Sherrod Brown (D-Ohio), Kirsten Gillibrand (D-New York), Debbie Stabenow (D-Michigan) and Mark Warner (D-Virginia).