The “shortcomings” referred to in this editorial are in fact critically important legislative fixes that will empower businesses and government agencies with the best information to protect consumers and stay ahead of the rapidly evolving and increasingly malicious nature of cyberattacks. Businesses and government need the ability to learn from each other regarding the nature and location of cyberattacks. This sharing of information will enable the public and private sectors to continually improve network security and protect Americans’ information from cybercriminals.
Financial Advisor Magazine: Financial Regulators Chided For Making Conflicting Cybersecurity Demands
"At the session, Financial Services Forum President and CEO Rob Nichols argued the forced shrinkage of firms chastised as “too big to fail” would increase cybersecurity dangers for the entire financial system because of the high degree of interconnections."
Testimony of Forum President & CEO on Cybersecurity Efforts and Coordination in the Financial Sector
Forum President and CEO Rob Nichols recently testified before the House Financial Services Financial and Consumer Credit Subcommittee at a hearing entitled: “Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats.” In his testimony, Nichols described the important role large financial institutions play in combatting cyber threats and how these institutions not only protect their banks’ customer information in the event of a cyber-attack, but the financial system as a whole.
Forum, Joint Financial Trades Letter Supports S.754: ‘Cybersecurity Information Sharing Act of 2015’
Letter sent to Senate Leadership: “The threat of cyber-attacks is a real and omnipresent danger to our sector and to other critical infrastructure providers that we, and the nation as a whole, rely upon. The financial services industry is dedicated to improving our capacity to protect customers and their sensitive information but as it stands today, our laws do not do enough to foster information sharing and establish clear lines of communication with the various government agencies responsible for cybersecurity. CISA will strengthen the nation’s ability to defend against cyber-attacks and better protect all Americans by encouraging the business community and the government to quickly and effectively share critical information about these threats while ensuring privacy.”
The Merchant Financial Cyber Partnership announced the next steps for the two industries to continue working together to strengthen the security of the payments system. Launched in February, the Partnership has succeeded in its goal to work collaboratively across the payments system to enhance security in order to protect customers and their data from cyber threats.
“We commend Secretary Lew’s leadership on cybersecurity and his call to improve information sharing between the government and private sector. The financial industry is leading the way in combating cyberattacks and has been working diligently in this area for more than 15 years. Our industry’s number one priority is to protect our customers and the economy and we reinforce these efforts every day with financial, CEO and senior leadership support. With extensive collaboration within the industry and the federal government, the financial industry closely monitors the changing threats and adapts to stay ahead. We also urge Congress to quickly pass cyber threat information sharing legislation to further enable us to expand our abilities to fight future attacks.”