The US Department of the Treasury has announced that it will be extending its cybersecurity information sharing program to include cryptocurrency businesses, in a bid to help them protect against cyber-attacks as the industry continues to grow in importance within the financial system. According to a recent statement, eligible cryptocurrency firms will be able to sign up for the same cybersecurity information sharing service that is currently available to traditional financial institutions.
The Treasury's Office of Cybersecurity and Critical Infrastructure Protection will provide these companies with access to timely and actionable cybersecurity information, and has encouraged interested parties to reach out to the office to take advantage of this free service. This move is in response to a recommendation made by the President's Working Group on Digital Asset Markets, which published a report last year outlining various ideas for information sharing related to cyber-attack risks.
'By providing cryptocurrency companies with access to the same high-quality cybersecurity information that is used by traditional financial institutions, the Treasury is helping to promote a more secure and responsible digital asset ecosystem,' said Luke Pettit, Assistant Secretary for Financial Institutions, in a statement. The cryptocurrency sector has long been vulnerable to malicious hacks, with significant funds and data being stolen from cryptocurrency operations on a regular basis.
Recent incidents have included the theft of over $280 million from the decentralized platform Drift by North Korean-linked hackers, and have prompted the Solana Foundation to implement new security measures to prevent exploits. Billions of dollars' worth of assets are stolen each year, often by hacker groups sponsored by nations such as North Korea, and digital security has remained a key concern for US lawmakers as they consider legislation that would bring the cryptocurrency sector under the regulated financial system.