Trade Assocations Urge Congress to Pass Cyber Defense Legislation

The American Bankers Association (“ABA”), the Financial Services Roundtable (“FSR”) and SIFMA submitted a joint letter to Senate Intelligence Committee Chair Dianne Feinstein (D-CA) and Ranking Member Saxby Chambliss (R-GA) urging the Senators to adopt “information sharing legislation” that would allow firms and the government to share information and coordinate efforts relevant to cybersecurity. The letter states that the financial service sector has made material investments to address cybersecurity issues, including enhancing the Financial Services Information Sharing and Analysis Center (“FS-ISAC”), taking civil action to dismantle malicious botnets, organizing sector resiliency exercises and working with the Administration’s Cybersecurity Executive Order.

The letter further states that the progress the financial service industry has made is “ultimately inadequate without congressional action to enhance, facilitate, and protect threat information sharing across sectors.”   The group stated its support for legislation that further strengthens the ability of the private sector and the federal government to work together to develop a more comprehensive framework to respond to cyber threats and to protect customer privacy and security.

See: ABA, FSR and SIFMA Comment Letter; Joint Press Release.