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FSR, ABA and SIFMA URGE CONGRESS TO ACT ON INFORMATION SHARING LEGISLATION
Letter Stresses the Importance of Legislation to Protect Consumers from Cyber Intrusions
Washington, DC - Information sharing legislation is critical in protecting consumers and financial institutions from cyber attacks, according to a letter sent to Congress today by the Financial Services Roundtable (FSR), American Bankers Association (ABA) and Securities Industry and Financial Markets Association (SIFMA).
Efforts to protect the financial services sector from cyber intrusions and improve coordination have gained momentum with a recent meeting at the White House and draft NIST Preliminary Cybersecurity Framework being released. The letter, which was sent to Senate Select Committee on Intelligence Chair and Ranking Member, says:
"Much of the advancement we have made as an industry is the result of a voluntary, robust information sharing framework improved by necessity…This progress, however, is ultimately inadequate without Congressional action to enhance, facilitate, and protect threat information sharing across sectors and with government. We support your efforts to develop legislation that further strengthens the ability of the private sector and the Federal government to work together to develop a more effective information sharing framework to respond to cyber threats, providing liability protection while balancing the need for privacy protection."
Tim Pawlenty, CEO of FSR said, "Cyber attackers are dreaming up new lines of attack and coordinating every day. Information sharing legislation has strong bipartisan support and is vital to ensure consumers' assets are protected and financial institutions remain secure from those who seek to do harm. The House has already acted and we urge the Senate to do the same."
Frank Keating, president and CEO of ABA said, "Cybersecurity is a top priority for our industry, and banks have invested tremendous time, energy and resources to ensure we have the highest level of security among our nation's critical sectors. Specific and coordinated action is needed to further protect the financial sector and broader business community. The time is now for Congress to pass threat information sharing legislation that enhances and builds upon the experience of existing programs to better protect America's cybersecurity infrastructure against current and future threats."
Former Senator Judd Gregg, SIFMA CEO, and Kenneth E. Bentsen, Jr., said "Cybersecurity is a top priority for the financial industry. It is vital that Congress pass legislation that promotes information sharing and other activities that will help our country more effectively mitigate cyber threats on the financial system and empower the industry to better protect its clients. Complacency is not an option in the fight against cybercrime."
You can read the full letter here.
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The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $14 trillion banking industry and its two million employees.
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.