SIFMA Statement on Senate Passage of Important Cybersecurity Legislation

Release Date: October 27, 2015
Contact: Liz Pierce, 212-313-1173, 

SIFMA Statement on Senate Passage of Important Cybersecurity Legislation  

Washington, DC, October 27, 2015 – SIFMA today released the following statement from president and CEO Kenneth E. Bentsen, Jr., after the Senate passed the Cybersecurity Information Sharing Act (CISA): 

“We commend the Senate for taking bipartisan action on this important issue and applaud Senators Burr and Feinstein for their leadership in moving this critical legislation one step closer to becoming law. We also recognize the Administration for their active support and emphasis on improving our cybersecurity.  Cyber threats posed by criminals, hacktavists, nation states and terrorists are among the most serious threats facing the financial services industry and our nation’s economic prosperity. Enhanced information sharing is essential to enable the private sector to better protect consumers’ sensitive data and mitigate the risks posed by rapidly evolving and increasingly malicious cyber threats. SIFMA’s recent Quantum Dawn 3 cybersecurity exercise validated the importance of public-private information sharing in responding to a cyber attack that could disrupt confidence in the financial system and broader economy.  

“Looking ahead, we encourage the House and Senate to come to quick agreement and send the President a workable cyber information sharing bill as soon as possible. Importantly, while we are supportive of the process moving forward to a Conference, SIFMA does have serious concerns with language adopted during the Senate process (Section 407) which would give an outsize and inappropriate role to the Department of Homeland Security in making information sharing determinations and could lead to burdensome regulation that would undermine the voluntary nature of CISA, which is at its core. We strongly urge the Conference Committee to strike this provision.    

“The completion of the legislation process is an important step forward but we know it is not a panacea for mitigating cyber threats. The industry continues to dedicate tremendous energy and resources to help protect the integrity of the markets and the millions of people who use financial services every day.  All of us – industry, clients, government – are united in this effort. For our part, SIFMA and our members continue to move forward with multiple initiatives to enhance the industry’s ability to prepare for, respond to and recover from attacks.” 



SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion for businesses and municipalities in the U.S., serving clients with over $16 trillion in assets and managing more than $62 trillion in assets for individual and institutional clients including mutual funds and retirement plans. 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




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In New York:
Katrina Cavalli


 Liz Pierce



In Washington:

Carol Danko

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