Secretary Penny Pritzker joined President Barack Obama last week at the White House Cyber Security Summit at Stanford University in Palo Alto, California. Designed to help shape public and private sector efforts to protect American consumers and companies from growing threats, the Summit offered Secretary Pritzker an opportunity to hear directly from businesses about their concerns, and to highlight the Commerce Department’s work to combat these threats and strengthen our nation’s cybersecurity.

During the Summit, business leaders across many sectors spoke about the growing issues of online security and how to best protect businesses, consumers and critical infrastructure. Secretary Pritzker moderated a panel titled “Improving Cybersecurity Practices at Consumer Oriented Businesses and Organizations,” that brought together CEOs and business executives from the financial services sector, the technology industry, and civil society. Panelists included Bank of America CEO Brian Moynihan, MasterCard CEO Ajay Banga, AIG CEO Peter Hancock, Intel Corporation’s President Renee James, and Center for Democracy and Technology CEO Nuala O’ Connor.

During the panel Secretary Pritzker asked each panelist how they can align policies and operations to better protect themselves and their customers, and asked them what ways they thought would be the most efficient for government and industry to partner in developing stronger security standards. Each of the panelists praised the effectiveness of the National Institute of Standards and Technology’s (NIST) Cybersecurity Framework in creating a benchmarking process that companies should adhere to. With technology evolving quickly, participants also stressed that there should be more collaboration between businesses and the government to address cybersecurity concerns. 

To further this dialogue, Secretary Pritzker attended a luncheon roundtable hosted by President Obama with the CEOs of Apple, Square, QVC, Visa, First Data, Intel, AIG, Mastercard, Bank of America, Citi, American Express, PG&E, and Palo Alto Networks where they discussed how to move these concerns to the forefront and work together to find solutions to these growing threats.

Cybersecurity is a shared responsibility, and the United States government has legitimate interests in safeguarding the privacy and security of its citizens, as well as ensuring an equitable and level playing field in the digital economy. Secretary Pritzker understands this notion and recognizes that the NIST Framework, which was developed using a multi-stakeholder process involving many of the companies that attended the summit, is a great example of how the private and public sectors can work together to find timely, effective solutions.