Treasury's Adeyemo Sees Elevated Cyber Threats in Wake of Ukraine War

Deputy Treasury Secretary Wally Adeyemo warned bankers about elevated cyber threats in the wake of Russia’s invasion of Ukraine, and underscored the department's commitment to sharing real-time intelligence, Treasury said on Friday.

Adeyemo told members of the Bank Policy Institute's technology policy division that it was important for the federal government and financial institutions to work together to share information and stay ahead of "committed adversaries," it said.

He also underscored "Treasury’s commitment to sharing appropriate intelligence and fostering an ongoing, real-time dialog with financial institutions about threats as they arise," Treasury said in a statement.

No details about the nature of the cyber threats were immediately available.

Wednesday's meeting was Treasury's third with the group since the end of last year, a Treasury official said, adding that the financial sector was ahead of most other sectors in terms of collaboration with the government on cyber threats.

Other Western powers have also seen a rise in cyber attacks on financial institutions since the war began.

BaFin, Germany's financial regulator, last month issued a fresh cyber security warning to the nation's financial sector following a recent increase in cyber attacks.

Russia's invasion of Ukraine on Feb. 24, which Moscow calls a special military operation, has caused a serious deterioration in its relations with the West. Moscow denies Western accusations of involvement in cyber attacks.