“The Chinese are in a Massive Campaign in Collecting Data”: Part II of Vlog Series on Banking Cybersecurity

In the second vlog of our High Tech Heist Series on Banking Cybersecurity, Dr. Roslyn Layton sat down with Congressman Robert Pittenger to discuss the growing threat of Chinese data collection and the ways in which we can prevent rising technology issues. From 2013-2018, Congressman Pittenger represented the Charlotte, NC area, the country’s second-largest banking center by assets. At the time, he served as Chairman of the Congressional Task Force on Terrorism and Unconventional Warfare, and as Vice Chairman of the House Financial Services Subcommittee on Terrorism and Illicit Finance. Congressman Pittenger was a lead author of the 2018 Foreign Investment Risk Review Modernization Act (FIRRMA), which reformed the Committee on Foreign Investment in the United States (CFIUS) to crack… Read More

Bank of American spends over $1 billion on Cybersecurity

In an interview earlier this month, Brian Moynihan, CEO at Bank of America, discussed the doubling of cybersecurity spending by the bank since he began as CEO. He noted that, “I became CEO 11 and a half years ago, and we probably spent three to $400 million [per year] and we’re up over a billion now.” A recent barrage of cyber-attacks across a variety of key industries in the U.S. has placed a new sense of urgency on protecting against cybercrime. Back in May, Cathy Bessant, Chief Operations and Technology Officer at Bank of America, gave a stark warning about cyberattacks on U.S. financial institutions saying, “There’s no question that the rate and pace of attacks, and the nature of… Read More

Let the Chips Fall at BIS? Highlights Challenges, Opportunities for Biden Nominee

President Biden’s nominee to lead the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) will need to advance offensive and defensive measures to curtail China’s ambitions to dominate modern technology markets. That was among the participants’ recommendations during today’s virtual roundtable, “Let the Chips Fall at BIS?” The event, hosted by Dr. Roslyn Layton, featured Emily de La Bruyère, Senior Fellow at the Foundation for Defense of Democracies; Stephen Ezell, Vice President of Global Innovation Policy at the Information Technology & Innovation Foundation; and Will Hunt, Research Analysist at the Center for Security and Emerging Technology. The event coincided with the release of the White House’s 100-day supply chain review report. Among the findings, the report highlights the… Read More

“China Has Figured Out How to Weaponize America’s Advantages”

Just Announced: FDD’s Emily de La Bruyère to Join Tomorrow’s Webinar. The outcome of the U.S. and China vying for control over modern technology markets will be decided within months or years, not decades, say Emily de La Bruyère and Nathan Picarsic, senior fellows with the Foundation for Defense of Democracies (FDD). ***Two weeks ago, Mr. Picarsic and Ms. de La Bruyère co-published a study, “Defusing Military-Civil Fusion: The Need to Identify and Respond to Chinese Military Companies.” Now Ms. de La Bruyère will join Dr. Roslyn Layton, Stephen Ezell and Will Hunt for tomorrow’s online panel discussion, “Let the Chips Fall at BIS?” Register for the event here. While there is growing consensus about the need to counter China’s… Read More

Cyber-attacks on the Rise Warns Bank of America Chief Technology Officer

This week, Cathy Bessant, Chief Operations and Technology Officer at Bank of America gave a stark warning about cyberattacks on U.S. financial institutions saying, “there’s no question that the rate and pace of attacks, and the nature of attacks, has grown dramatically.” “Criminals are by definition very crafty, very entrepreneurial – and times of stress produce opportunities,” Bessant told journalists during a virtual briefing Monday. The company’s centralized global information-security unit has boosted spending in recent years to about US$1bil. Further, about 64% of finance executives expect cybersecurity budgets to keep rising, a separate Deloitte survey showed. Earlier this year, China Tech Threat published a report showing that cyber-attacks against financial organizations are growing in frequency and severity and U.S.… Read More

Roslyn Layton Tells Voices of America The Importance of Securing the Semiconductor Industry in Both the Long and Short Term

During President Biden hosted a virtual meeting with leaders of some of the country’s biggest companies impacted by a global shortage of semiconductors, on April 12, he noted that the U.S must find a way to “strengthen our domestic semiconductor industry and secure the American supply chain.”  This meeting and the President’s urgency on this matter is commendable. However, in an article published by Voice of America White House Bureau Cheif Steve Herman, Roslyn Layton made it clear that the short-term issue of a shortage of semiconductors for the automotive industry should not be confused with the larger, existential problem that the United States does not produce enough of its own chips. Dr. Layton went on to say that there… Read More

Exclusive Interview: Potential Commerce Under Secretary Nominee Analyzes Vital Bureau

China has a clear mission to achieve global military supremacy and is prepared to build, buy, siphon, or steal the latest and greatest tech to get there. When we’re dealing with China, it’s not business as usual, and we need to be vigilant to make sure sensitive technologies in particular are directed to their intended uses and don’t fall into rogue military hands. As the U.S. looks at policy levers to protect our leadership and interests, a little known bureau within the Department of Commerce called the Bureau of Industry and Security (BIS) is on the front lines for strategic trade control. In recent weeks, the Wall Street Journal and Financial Times have speculated about who will lead the 450-person… Read More

5G Security Challenges Webinar: “Lenovo is more Chinese than Huawei”

Last week, the Parliamentary Intelligence-Security forum (PI-SF) held a webinar titled “5G Security Challenges.” The second in the 5G security series, Congressman Robert Pittenger hosted a lively conversation featuring U.S. political leaders and European lawmakers to discuss the growing threat from China’s 5G ambitions. One major takeaway from the event was that we must be aware of the dangers of Chinese technolgy, not just from Huawei, but from companies such as Lenovo, GE and Motorola. As one panelist put it, “The Chinese Communist Party is hiding behind its vendors.” The webinar featured former Congressman Mike Rogers (R-MI), Hon. Jason Boswell, Head of Security for the Network and Product Solutions Department at Ericsson, and Hon. Sohan Dasguspta, Deputy Counsel for the… Read More

Cyber-Attacks on U.S. Banks Are Immense—and Growing

The U.S. financial services industry is one of the most targeted sectors by cyber-attackers and those attacks are escalating quickly in number and sophistication. In 2015, a report by Websense Security Labs found that banks and other financial institutions were targeted by cyber-attacks four times more often than companies in other industries. In 2019, the financial services firms experienced 300 times more attacks than their counterparts in other sectors, according to a report by the Federal Reserve Bank of New York. “America is grappling with a cyber insurgency and our financial sector is the number one target,” Tom Kellermann, who served on a cybersecurity commission ordered by President Obama, testified before Congress last June. “Although the sector is generally more… Read More

Lincoln Network Event: US to experience severe industrial loss without US Semiconductor Policy

On January 22, the Lincoln Network hosted a panel titled “The Future of U.S. Semiconductor Policy: Answering the China Chip Challenge.” Panelists included China Tech Threat Co-Founder Dr. Roslyn Layton, Stephen Ezell, Vice-President, Global Innovation Policy at the Information Technology and Innovation Foundation (ITIF), Dr. James Mulvenon, Director of Intelligence Integration at SOSi and Dan Lips, Director of Cyber and National Security at Lincoln Network. In the most critical part of the conversation, host Alexiaa Jordan commended Dr. Layton for clearly stating the steps the US can take in order to secure their policy, as well as naming the companies that this policy must address. In a follow up to this, Dr. Mulvenon noted that when US export control policy… Read More