President Trump today signed a long-awaited executive order directing federal agencies to increase their efforts to mitigate cyber risks. Effective immediately, all federal agencies will be required to follow the National Institute of Standards and Technology’s framework for cybersecurity, and each agency will be responsible for submitting a risk management report to the Department of Homeland Security within 90 days.
The order also emphasizes the need for increased government support to the nation’s critical infrastructure entities to help them guard against cyberattacks. It calls for DHS — in collaboration with the Department of Defense, the FBI and others — to identify ways to support the cybersecurity efforts of critical infrastructure entities, support transparency of cyber risk management practices in the marketplace, and reduce the threat of automated and distributed cyberattacks by botnets.
ABA applauded this action by the White House. “The executive order issued today will enhance the security of government systems and help protect our critical financial infrastructure — and ultimately bank customers — through enhanced information sharing and greater cross-industry collaboration,” said ABA President and CEO Rob Nichols. “The financial services industry is committed to help protect our country’s critical sectors and economic security. America’s banks will continue to work closely with the White House, Congress and others to establish clear lines of public-private communication, while avoiding inconsistent or duplicative regulation that might undermine our efforts to protect banks and the customers they serve.”