Budd Introduces Treasury Innovation Act

Bill Aims To Help Secure America’s Financial Information From Data Breaches

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Washington, September 28, 2017 | comments
“Major incidents of hacking in the private sector continue to underscore the need for strong data security,” said Rep. Budd. “Americans are required to turn over a host of financial information to the Treasury Department, and accordingly, we should be doing what we can to make sure that this information is as secure as possible.”
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Washington, DC -- U.S. Representative Ted Budd (R-NC) introduced the Treasury Innovation Act today. The legislation aims to increase the security of Americans’ financial information by implementing an agency-wide “bug bounty” program within the Treasury Department. A “bug bounty” program is one where vetted computer professionals can apply to “hack” and attempt to penetrate any weaknesses within an organization's server, in this case, the Treasury Department. Other government agencies have like the Department of Defense have successfully used these programs to find weaknesses. 


“Major incidents of hacking in the private sector continue to underscore the need for strong data security,” said Rep. Budd. “Americans are required to turn over a host of financial information to the Treasury Department, and accordingly, we should be doing what we can to make sure that this information is as secure as possible.”

“This legislation would financially reward those who discover and report issues with the Treasury Department’s servers. Federal computer systems are prime targets for hackers, and harnessing the power of the private sector to find and eliminate vulnerabilities before hackers strike is an important tool in the toolkit for increased data security. My bill is a step in the right direction by helping expose problems and allowing us time to find solutions before the unthinkable happens.”
 

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