Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, but Could Take Additional Actions

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Correspondence issued by the Government Accountability Office with an abstract that begins "The September 11, 2001, terrorist attacks on the World Trade Center exposed the vulnerability of the financial markets to disruption by such events. As part of a series of reviews we have performed at the request of Members of Congress, we have examined and reported on the adequacy of the steps that financial market participants have taken to reduce their vulnerability to attacks and to be better able to recover from such events when they occur. In addition to taking steps to reduce the likelihood that physical attacks ... continued below

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United States. Government Accountability Office. June 29, 2005.

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Description

Correspondence issued by the Government Accountability Office with an abstract that begins "The September 11, 2001, terrorist attacks on the World Trade Center exposed the vulnerability of the financial markets to disruption by such events. As part of a series of reviews we have performed at the request of Members of Congress, we have examined and reported on the adequacy of the steps that financial market participants have taken to reduce their vulnerability to attacks and to be better able to recover from such events when they occur. In addition to taking steps to reduce the likelihood that physical attacks will damage their facilities, financial market organizations must also implement protections to reduce the potential for electronic attacks to disrupt their operations. Electronic attacks can be the result of individuals (such as hackers) or groups, such terrorist organizations or foreign governments, attempting to gain unauthorized access to a specific organization's networks or systems or from malicious computer programs or codes, such as viruses or worms, that seek to damage data or deny access to legitimate users. Given the importance of this topic, Congress asked us to review the measures taken by selected critical financial market organizations, including exchanges, clearing organizations, and payment system processors, to protect themselves from attacks and we reported our results in September 2004. At the time we prepared that report, we were still completing our reviews of the seven selected organizations' information security protections. For this report, our objective was to assess the information security programs in place at these organizations. To maintain the confidentiality of the sensitive information we examined, this report refrains from naming the organizations we reviewed and presents the results of our work in an high-level, aggregated manner."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • June 29, 2005

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, but Could Take Additional Actions, text, June 29, 2005; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc295527/: accessed September 24, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.