| 00:00:33 |
Garrett, Scott - U.S. Representative, [R] New Jersey
|
| 00:04:46 |
Maloney, Carolyn - U.S. Representative, [D] New York
|
| 00:07:36 |
Schweikert, David - U.S. Representative, [R] Arizona
|
| 00:08:38 |
Dold, Robert - U.S. Representative, [R] Illinois
|
| 00:10:39 |
Garrett, Scott - U.S. Representative, [R] New Jersey
|
| 00:11:08 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
|
| 00:15:46 |
Clancy, Mark - Managing Director
|
| 00:20:31 |
Graff, Mark - Chief Officer
|
| 00:25:09 |
Smocer Paul, -
|
| 00:30:09 |
Weiss, Errol - Executive Vice President
|
| 00:34:30 |
Woodhill, James -
|
| 00:39:21 |
Garrett, Scott - U.S. Representative, [R] New Jersey
|
| 00:39:56 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
|
| 00:41:59 |
Clancy, Mark - Managing Director
|
| 00:44:04 |
Graff, Mark - Chief Officer
|
| 00:44:49 |
Garrett, Scott - U.S. Representative, [R] New Jersey
|
| 00:45:01 |
Maloney, Carolyn - U.S. Representative, [D] New York
|
| 00:45:33 |
Smocer Paul, -
|
| 00:48:15 |
Clancy, Mark - Managing Director
|
| 00:49:24 |
Weiss, Errol - Executive Vice President
|
| 00:50:10 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
|
| 00:51:45 |
Schweikert, David - U.S. Representative, [R] Arizona
|
| 00:52:28 |
Weiss, Errol - Executive Vice President
|
| 00:54:11 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
|
| 00:55:32 |
Graff, Mark - Chief Officer
|
| 00:57:06 |
Clancy, Mark - Managing Director
|
| 00:57:31 |
Lynch, Stephen F. - U.S. Representative, [D] Massachusetts
|
| 00:59:16 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
|
| 01:01:38 |
Weiss, Errol - Executive Vice President
OF WE MEETING THAT CHALLENGE? MR WEISS? >> ONE OF THE BASIC TENETS IS WE RECOGNIZED A LONG TIME AGO THAT ALL THE INSTITUTIONS IN THE BANKING FINANCE...
|
| 01:02:10 |
Graff, Mark - Chief Officer
ONE OF THE TENETS WITH A LONG TIME AGO TO HELP ALL THE INSTITUTIONS. >> THANK YOU. MR. GRAFF. >> A COUPLE POINTS QUICKLY. ONE THING THAT WOULD MOVE...
|
| 01:03:28 |
Biggert, Judy - U.S. Representative, [R] Illinois
HELPFUL. I YIELD BACK. >> THANK YOU, MR. CHAIRMAN. THANK YOU ALL FOR BEING HERE. I HAVE A COUPLE QUESTIONS I HOPE I CAN GET IN. FIRST OF ALL, MAYBE...
|
| 01:04:11 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
IN, AND COST-EFFECTIVE MEASURES THAT SMALL BUSINESSES HOODOO PERSONAL TRANSACTIONS, AND THE SMART PHONE. >> CUSTOMERS HERE USING LAPTOPS AND WORKSTATIONS,...
|
| 01:06:32 |
Clancy, Mark - Managing Director
OF EXERCISES FOR EXPLORING THE THREAT INCLUDING CYBERSECURITY THREATS AND FOCUSING ON PREPAREDNESS. MR CLANCY? >> WE ARE VERY FAMILIAR WITH CHICAGO...
|
| 01:08:49 |
Dold, Robert - U.S. Representative, [R] Illinois
RECOMMENDATIONS. >> I YIELD BACK. >> MR. DOLD. >> I APPRECIATE THE TIME. I WILL GO TO YOU FIRST OF I CAN AND I APPRECIATE AND AGREE WE DON'T WANT ADDITIONAL...
|
| 01:09:18 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
GOVERNMENT TAKE IN COMBATING THE ATTACKS IN PRIVATE SYSTEMS? >> THE KEY ROLE WE ARE LOOKING FOR FROM THE FINANCIAL SERVICES INDUSTRY IS INFORMATION SHARING...
|
| 01:10:27 |
Graff, Mark - Chief Officer
IDENTIFY THESE THREATS COMING IN, DIFFERENT SOPHISTICATED LEVELS. NASDAQ TO TRY TO IDENTIFY THESE. >> TO BECOME AS MUCH AS POSSIBLE, WHO THE POTENTIAL...
|
| 01:13:44 |
Weiss, Errol - Executive Vice President
OF CYBERSECURITY. >> ESSENTIALLY GOING AFTER THE BAD GUYS AND TO PRESSURE FOREIGN GOVERNMENTS. THEY WANT TO PARTICIPATE IN THE GLOBAL ECONOMY, THEY...
|
| 01:14:38 |
Stivers, Steve - U.S. Representative, [R] Ohio
EXPIRED. I YIELD BACK. >> THANK YOU, MR. CHAIRMAN. APPRECIATE THE WITNESSES BEING HERE AND SHARING EXPERTISE WITH US. YOU TALKED EARLIER ABOUT EDUCATION...
|
| 01:14:59 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
THIS PROBLEM BE CURED BY GOOD COMPUTER HYGIENE AND GOOD HABITS WITH MUCH MORE ACTIVE DEFENSE? >> THE INTERNET ECOSYSTEM REQUIRES A LOT OF PLAYERS TO...
|
| 01:17:23 |
Smocer Paul, -
LIABILITY. STILL IN INFANCY. WHAT FOLKS OUT THERE USED THAT? >> WE GET BACK TO YOU, AND SECOND INFANCY, DECADE OR SO AND HAD SOME ISSUES, INSTITUTIONS...
|
| 01:19:07 |
Weiss, Errol - Executive Vice President
WOULD RECOMMEND TO THAT BILL? >> WHAT I WOULD SAY ON THIS ONE, ANY IMPROVEMENTS WE MAKE TO THE PUBLIC, PRIVATE INFORMATION SHARING HAPPENING TODAY...
|
| 01:20:21 |
Neugebauer, Randy - U.S. Representative, [R] Texas
MY TIME IS EXPIRED. >> THANK YOU, MR. CHAIRMAN. MY SUBCOMMITTEE HAD A HEARING A FEW MONTHS AGO ON THIS NEW INTERVIEW CREATED UNDER DODD-FRANK TO PUT...
|
| 01:21:11 |
Clancy, Mark - Managing Director
FINANCIAL MARKETS? CAN YOU ELABORATE ON YOUR DISCUSSIONS AND WHETHER YOU HAVE CONCERNS ABOUT THEIR ABILITY TO PROTECT THAT DATA? >> I AM GOING TO FOCUS...
|
| 01:22:01 |
Graff, Mark - Chief Officer
THAT LEVEL OF AGGRESSION. >> THANK YOU, MR. GRAFF. YOU PUT YOUR FINGER ON A CENTRAL PROBLEM WHICH IS HOW DO WE SHARE THAT INFORMATION SECURITY AND...
|
| 01:23:43 |
Clancy, Mark - Managing Director
HOW THEY WILL BE ABLE TO USE THAT DATA AND THE ACCESS THEY ARE BRINGING. THOSE ARE AREAS THAT YOU HAVE CONCERN ABOUT. >> ACCESS TO THE DATA ITSELF IS...
|
| 01:26:22 |
Manzullo, Donald "Don" A. - U.S. Representative, [R] Illinois
GENTLEMAN. >> THANK YOU, CHAIRMAN. MR MANZULLO. >> A COUPLE QUESTIONS, THE DISTINCTIONS THAT OCCUR ON THESE CYBERATTACKS. AND JUST MAKE IT ON LINE....
|
| 01:26:56 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
INFORMATION. HOW BROAD DOES THIS GET? >> CYBERATTACKS ARE ARE CROSSED OUR INDUSTRY. THEY COULD BE GOING AGAINST YOUR CHECKING ACCOUNT AND ADDRESSED TO...
|
| 01:27:37 |
Clancy, Mark - Managing Director
THAN OTHERS. THE UNDERLYING DATA BASE -- THE AUTHENTICATION IS BASED ON OTHER DATA SELECTED BY THE CUSTOMER. >> WHICH MEANS IT IS NOT COVERED? >> THE...
|
| 01:31:30 |
Woodhill, James -
TO ACCOUNTS FROM MEMBERS OF CONGRESS AND THEIR CAMPAIGN FUND. HOW PERVASIVE IS THIS? SHOULD THE AMERICAN PEOPLE LOOK AT WHETHER IT IS WORTH BANKING...
|
| 01:34:33 |
Schweikert, David - U.S. Representative, [R] Arizona
INTEREST, LET'S SEE IF I CAN PHRASE IT THE PROPER WAY. WE OFTEN -- WHAT WE DO IS SHUT DOWN THE SERVER BUT THERE IS LEGACY SOFTWARE OR SOFTWARE IN THE...
|
| 01:34:59 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
A NEW HIJACKED -- HOW MUCH IS THAT MECHANIC BECAUSE OF THE RESIDENCY ON COMPUTERS AROUND THE WORLD ALSO A THREAT? >> THAT IS A VERY LARGE THREAT AND IF...
|
| 01:35:21 |
Weiss, Errol - Executive Vice President
WEISSDEFER TO MR. WEISS BECAUSE HE HAS BEEN ACTIVE IT IS >> AND MY FREEZING IT PROPERLY? >> JUST TO ADDRESS ONE OF THE INITIATIVES WE RECENTLY HAD WITH...
|
| 01:37:15 |
Woodhill, James -
ME IF YOU ARE GOING TO DO ONE THING WHAT WOULD IT BE? >> FROM MY PARTICULAR CRIME WE ARE BLESSED THAT IT IS EASY TO STOP THE SOLUTIONS THAT ARE IN PLACE...
|
| 01:38:50 |
Smocer Paul, -
FINANCIAL SERVICE SECTOR AND GOVERNMENT PARTNERS. >> THE THREAT SHARING. >> THREAT ANALYSIS. MORE COULD COME FROM OTHER SECTORS BUT TAKING THAT DATA AND...
|
| 01:39:14 |
Graff, Mark - Chief Officer
THAT IS COMING OUT THAT YOU KNOW YOU NEED TO ACT SOONER RATHER THAN LATER. >> THREAT ANALYTICS. >> I TAKE A SLIGHTLY DIFFERENT APPROACH. I AM CONCERNED...
|
| 01:40:16 |
Clancy, Mark - Managing Director
THAT APPEARS TO BE A ROUTER BUT HAS SPECIALIZED CHIPS IN IT. >> FORGIVE ME FOR GOING SO OVER TIME. >> TAKE THE PROGRAM MENTIONED AND FRENCH
|
| 01:40:29 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
ANALYSIS AND MAKE SURE IT CONTINUES. >> ENGAGE THE TELECOMMUNICATIONS INDUSTRY. >> WE HAVE ANOTHER DEFINITION. >> OUR TELECOMMUNICATIONS INDUSTRY BECAUSE...
|
| 01:40:54 |
Maloney, Carolyn - U.S. Representative, [D] New York
THEY WERE GIVEN THE AUTHORITY TO DUMPED IT THAT WOULD GET RID OF A LOT. >> THE GENTLEWOMAN FROM NEW YORK. >> THANK YOU TO ALL THE PANELISTS. LAST YEAR...
|
| 01:41:27 |
Clancy, Mark - Managing Director
THE USE OF FIBERINSURANCE BY FINANCIAL INSTITUTIONS. DO THEY HAVE THIS INSURANCE NOW? CAN SOMEONE ANSWER? HOW COMMON IS THIS? >> NOT VERY COMMON. IN...
|
| 01:41:47 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
TRANSACTIONS. >> WHAT FACTORS ARE CONSIDERED IN DETERMINING WHETHER OR NOT AN INSTITUTION HAS CYBERRISK? >> THE SAME FACTORS THAT ARE USED THAT ARE PART...
|
| 01:43:23 |
Weiss, Errol - Executive Vice President
2011. CAN YOU TELL US WHAT CHANGES CITI HAS MADE SINCE THEN TO PROTECT YOUR CYBERSECURITY SYSTEM? WHAT IS DIFFERENT NOW? >> I APPRECIATE YOUR REFERENCED...
|
| 01:45:22 |
Woodhill, James -
WHAT EXTENT COULD REGULATORY CHANGES ADDRESS YOUR CONCERNS? IS LEGISLATION -- OR WHAT ACTIONS ARE NEEDED TO ADDRESS THE PROBLEMS THAT YOU PERCEIVE...
|
| 01:46:45 |
Biggert, Judy - U.S. Representative, [R] Illinois
PROCESSOR ABOUT. >> MY TIME IS EXPIRED. THANK YOU. >> THANK YOU. SHAREWOMAN BIGGERT. >> THANK YOU, MR. CHAIRMAN. FOLLOWING UP ON THIS LITTLE BIT, ...
|
| 01:47:11 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
TESTIMONY, SIGNIFICANT DROP IN COMMERCIAL ACCOUNT TAKEOVERS BETWEEN 2009-2010. WHAT DO YOU ATTRIBUTE THIS REDUCTION? >> THE ANSWER MAY SURPRISE YOU....
|
| 01:48:21 |
Smocer Paul, -
THE RIGHT PLACE. IS IT POSSIBLE -- SHOULD WE BE STREAMLINING INFORMATION SHARING AS WE SEEK TO IMPROVE THIS FLOW OF INFORMATION? >> I THINK THE ANSWER...
|
| 01:50:00 |
Clancy, Mark - Managing Director
SCOPE BUT HOW MANY PEOPLE GET CAUGHT? WHAT HAPPENS? WHAT IS THE PENALTY AND WHAT HAPPENS? >> I DON'T HAVE AN ANSWER ON HOW MANY PEOPLE WERE CAUGHT BUT...
|
| 01:50:47 |
Stivers, Steve - U.S. Representative, [R] Ohio
TARGETED. >> YIELD BACK. >> THANK YOU, MR. CHAIRMAN. AND DEREGULATIONUNDER REGULATION BE, CONSUMERS GET LIABILITY -- TO PROTECT SMALL BUSINESS FROM THESE....
|
| 01:51:33 |
Cantley, Michele - Senior Vice President and Chief Information Security Officer
PROTECTION. IT DOES REQUIRE THEM TO NOTIFY WHICH MAY BE BENEFITS THE SYSTEM. IS THAT A GOOD IDEA OR BAD IDEA? >> COMMERCIAL AND SMALL-BUSINESS CUSTOMERS...
|
| 01:52:10 |
Woodhill, James -
TO ADD? >> LOOKS LIKE MR. WOODHILL. GO-AHEAD. >> IF I MAY. WHAT COMMERCIALLY REASONABLE MEANS AS A MATTER OF LAW HAS BEEN THE SUBJECT OF LAWSUITS? TWO...
|
| 01:54:08 |
Manzullo, Donald "Don" A. - U.S. Representative, [R] Illinois
QUESTION OF THE PANEL. I DO APPRECIATE YOUR PATIENCE BUT THIS IS AN INTERESTING AREA WITH LOTS AND LOTS OF LAYERS. MR. MANZULLO. >> I BROUGHT A NEW COMPUTER...
|
| 01:54:37 |
Clancy, Mark - Managing Director
DIFFERENT COVERAGE. IS THIS STUFF WORK? >> IT WORKS TO A POINT. THE CHALLENGE HAS BEEN THE ATTACKERS INNOVATE AND THEY RUN THEIR ATTACK SOFTWARE AGAINST...
|
| 01:57:07 |
Woodhill, James -
NOT SOMETHING WHEN YOU WERE TRAVELING OR ANOTHER MACHINE. >> THE QUESTION IS HOW DID YOUR LOG ON ID AND PASSWORD GET COMPROMISED? MALWARE WATCH YOU ENTER...
|
| 02:00:59 |
Schweikert, David - U.S. Representative, [R] Arizona
YOU TO THE PANEL. THIS IS INTERESTING AND I HAVE A FEELING WE WILL BE SPENDING A LOT MORE TIME ON THIS SUBJECT OVER THE NEXT YEARS TO COME. D. CHAIRMAN...
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.