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GAO-05-679R 1 (2005-06-29)

handle is hein.gao/gaocrptaruk0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 June 29, 2005 The Honorable Joe Barton, Chairman The Honorable John D. Dingell, Ranking Minority Member Committee on Energy and Commerce House of Representatives The Honorable Fred Upton, Chairman The Honorable Edward J. Markey, Ranking Minority Member Subcommittee on Telecommunications and the Internet Committee on Energy and Commerce House of Representatives The Honorable Cliff Stearns, Chairman The Honorable Jan Schakowsky, Ranking Minority Member Subcommittee on Commerce, Trade, and Consumer Protection Committee on Energy and Commerce House of Representatives Subject: Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, but Could Take Additional Actions 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, 'See GAO, Financial Market Preparedness: Improvements Made, but More Action Needed to Prepare for Wide-Scale Disasters, GAO-04.-984 (Washington, D.C.: Sept. 27, 2004); Potential Terrorist Attacks: Additional Actions Needed to Better Prepare Critical Financial Market Participants, G A0-03-2151. (Washington, D.C.: Feb. 12, 2003); and Potential Terrorist Attacks: Additional Actions Needed to Better Prepare Critical Financial Market Participants, CAO-03- H4 (Washington, D.C.: Feb. 12, 2003). GAO-05-679R Information Security Practices

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