US banking sector vulnerable to hackers

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US authorities charged with overseeing the financial sector are worried about its vulnerability to cyber attacks, they said in a report.

“Security threats in cyberspace are not bound by national borders and can range widely from low to high security risks,” wrote the Financial Stability Oversight Council in its 2013 annual report published on Thursday.

The council is worried, in particular, about the increasing skill of hackers attacking the US financial system.Making reference to a series of cyber attacks that targeted several of the biggest US banks toward the end of 2012, the FSOC noted “the knowledge and skill of the attackers appeared to increase over time.”

In an attempt to protect the financial system against these attacks, the FSOC proposed “enhancing cross-sector cooperation, particularly with industries upon which the financial sector is dependent, such as energy, power, and telecommunications.”

“Public-private partnership improvements in the analysis and dissemination of robust information to improve real-time responses to cyber attacks will enhance incident management, mitigation, and recovery efforts,” the report added.

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Microsoft backs immigration reforms, calls current H-1B visa system disruptive

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Microsoft has told law makers that the current H-1B visa system, the numerical limit of which was set by the Congress in 1990, is incredibly disruptive to business planning and operations of US employers.The software giant came out in support of the comprehensive immigration reform which recommends substantial increase in the H-1B visas.
Referring to the fact that the US received 40,000 more applications for H-1B visas this year and the cap was reached in the first week itself, Brad Smith, General Counsel and Executive Vice President, Legal and Corporate Affairs, Microsoft Corp, told a Congressional hearing that running out of H-1B visas this quickly has significant consequences for the economy.

He said: “This year, employers are faced with a scenario in which one-third of the H-1B petitions that they submitted will be rejected in the H-1B lottery. These are 40,000 positions that will remain unfilled despite the fact that qualified candidates have been identified and job offers have been extended after a careful, intensive recruiting process in a very competitive market for talent. This is incredibly disruptive to the business planning and operations of US employers.”

In his prepared statement, Smith said Microsoft entered this year’s H-1B cap season knowing that “we could not file H-B petitions for 250 candidates we had identified for job offers” simply because the cap would be exhausted in the first week, a full two months before their graduation dates in June.

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