Cybersecurity is a top priority in the financial industry to ensure the security of customer assets and information and the efficient, reliable execution of transactions within markets.

The financial industry is committed to furthering the development of industry-wide cybersecurity initiatives that protect our clients and critical business infrastructure, improve data sharing between public and private entities and safeguard customer information. An effective and efficient cybersecurity policy is achieved most easily through harmonized, risk-based global standards that leverage extensive investments already made. The NIST Cybersecurity Framework represents a potential global standard.

SIFMA is actively engaged in coordinating the effort to support a safe, secure information infrastructure, with cybersecurity resources which provide security of customer information and efficient, reliable execution of transactions. We continually work with industry and government leaders to identify and communicate cybersecurity best practices for firms of all sizes and capabilities, and educate the industry on evolving threats and appropriate responses.

On October 26, 2020, SIFMA announced the successful completion of the annual Industry-Wide Business Continuity Test. This critical exercise for financial operations professionals demonstrates our industry’s ability to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry. SIFMA urges all firms to participate in this important event, which is held on a Saturday in October each year.

In addition, we collaborate with the Global Financial Markets Association (GFMA) on operations issues of global concern within the regulatory environment including the Framework for the Regulatory Use of Penetration Testing in the Financial Services Industry, which was recently updated in December 2020.