The US Department of the Treasury has announced that it will be extending its cybersecurity information-sharing program to include crypto businesses, in a move to bolster their defenses against increasing cyber threats. Eligible cryptocurrency firms will be able to access the same high-quality, actionable cybersecurity information as traditional financial institutions, courtesy of the Treasury's Office of Cybersecurity and Critical Infrastructure Protection. This decision comes in response to a previous recommendation from the President's Working Group on Digital Asset Markets, which emphasized the importance of information-sharing in mitigating cyber-attack risks.
According to Luke Pettit, assistant secretary for financial institutions, this initiative aims to promote a more secure digital asset ecosystem by providing crypto companies with access to the same cybersecurity information as traditional financial institutions. The crypto industry has long been vulnerable to malicious hacks, with significant funds and data being stolen each year.
Recent incidents, including the theft of over $280 million from decentralized platform Drift, highlight the need for enhanced security measures. The US Treasury's move is seen as a step towards addressing the concerns of lawmakers, who are weighing legislation to bring the crypto sector under the regulated financial system.