Statements
Statement of Rep. Velázquez on Cybersecurity and Information Sharing
Washington, DC,
November 15, 2017
STATEMENT The frequent recurrence of cyber-attacks reminds us just how fundamental it is for individuals, businesses, and governments to guard against unwanted foreign interception. From hackers orchestrating the Equifax breach to Russia’s attack on our democratic institutions, cybersecurity merits our attention more than ever before.
The truth is, online commerce has facilitated business opportunities and growth for mom and pop shops across America, but few small businesses make investments in security solutions to protect the data they hold. Many entrepreneurs don’t even view themselves as targets.
Criminals on the other hand, view them as particularly attractive.
The combination of customer data and the lax implementation of cybersecurity make them much more appealing to cyber criminals. While it is widely known that cyber-attacks often result in personal and business losses, small firms often don’t recognize their exposure until it is too late.
Given that small firms make up over 99 percent of businesses, the small business community plays a critical role in ensuring the nation’s internet infrastructure is secure. And preventing the harsh financial consequences that cyber intrusions have is critical for their survival.
Because criminals will continuously seek to profit by stealing data from both the government and the private sector, cyber incidents are not diminishing in the near future. That is why we all must take the appropriate steps to strengthen cybersecurity.
For nearly two decades, the federal government has actively created a policy framework that seeks to prevent cyberattacks by incentivizing data sharing and collaboration between Federal and private actors. Doing so is just one step to enhance readiness against external threats.
Encouraging businesses to share information regarding cyber intrusions could help federal agencies design solutions before problems occur. If the private sector and the government collaborate to identify vulnerabilities, both small businesses and the government will be better prepared.
Mr. Chairman, over the last year, we have seen cyber criminals prey on one of the largest credit rating agencies. We have witnessed hackers publicly releasing tools stolen from the National Security Agency. And, most disturbing, as we all know, our democratic institutions were remarkably vulnerable to Russia’s cyber-meddling – potentially impacting the outcome of our elections.
These events make clear - cybersecurity issues will become more prominent every day – in all aspects of our society.
In that regard, I look forward to learning how we can better maximize the flow of information between small businesses and the federal government to help improve the resiliency of our cyber infrastructure
Thank you all for being here -- and offering your insight. I yield back.
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