ABA, FSSCC Seek Dialogue-Based Approach to Cyber Rules

In a comment letter today, the Financial Services Sector Coordinating Council — of which the American Bankers Association is an active member — urged regulators to use a collaborative public-private sector dialogue to develop effective cybersecurity requirements. The letter, in response to a request for comments by the regulatory agencies, addressed efforts to implement enhanced cyber risk management standards for the largest financial institutions.

The FSSCC urged regulators to examine gaps in existing cyber rules; use a tailored, “multifactor” approach to applying new standards, governing risks and reporting; employ a balanced approach toward third-party service provider compliance; specify a range of risk-based scenarios for planning; and build a consensus-based method for quantifying cyber risk.

“The FSSCC and financial services sector remains keenly supportive of public-private sector collaboration to improve national and sectoral cybersecurity — a systemic imperative requiring combined efforts and full focus,” the letter said. “Our shared goal is a nimble harmonized response to policy, regulation, and critical infrastructure protection coordinating multiple sectors within an international landscape.” For more information, contact ABA’s Denyette DePierro.