Treasury Secretary Jack Lew on Wednesday will urge American financial firms to do more to protect themselves from cyber attacks, according to excerpts of his remarks released by the Treasury Department.
"Far too many hedge funds, asset managers, insurance providers, exchanges, financial market utilities, and banks should and could be doing more," Lew will say in remarks at the 2014 Delivering Alpha Conference hosted by CNBC and Institutional Investor Wednesday.
"In particular, it is imperative that firms collaborate with government agencies and with other firms," Lew will say. "Disclosing security breaches is often perceived as something that could harm a firm's reputation. This has made many businesses reluctant to reveal information about cyber incidents."
Read MoreDelivering Alpha 2014
Lew's remarks come as the Obama Administration is ramping up its focus on cyber espionage and corporate spying.
Lew was in Beijing in early July, where he and other American officials said they challenged Chinese leaders during the regular Strategic and Economic Dialogue between the two countries to limit cyber security attacks against the US government and American companies.