The Right Way to Address Cyber Threats

The Administration’s budget proposal appropriately recognizes the very real threat of cyber attacks on the United States and its businesses and individuals. Cybersecurity is a key priority for the financial industry as we work to protect our clients’ and firms’ confidential data while maximizing the potential of technology to improve client service and the efficiency of the financial markets.

We agree with the President that a strong public-private partnership is essential to combating cyber attacks. The only way to successfully address cyber threats is for the government and businesses to work together and ensure the timely sharing of threat information. SIFMA and several other associations recently signed a letter applauding a bipartisan bill in the House of Representatives that would provide much-needed support to the cybersecurity defense.

Congressmen Mike Rogers (R-Mich.) and Dutch Ruppersberger (D-Md.)  have introduced H.R. 624, a bill that would provide important updates and clarifications to the National Security Act to facilitate and increase cyber intelligence information sharing by the private and public sectors. The bill also provides essential privacy protections for consumers by limiting the inclusion of consumer data in shared threat information. We also commend the bill’s voluntary approach to information sharing, which enables American businesses to decide the right approach for their organization.

We strongly encourage policymakers to support legislation and other initiatives that enhance information sharing and strengthen our vital public-private partnership on cybersecurity. We have to get this right – failure to properly coordinate could lead to missed opportunity and potentially serious consequences for our country.  The financial industry remains committed to working with all market participants and will continue to devote significant resources to address this growing threat.

Thomas Price – Managing Director, SIFMA Operations, Technology and BCP
Karl Schimmeck – Vice President, SIFMA Operations, Technology and BCP

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