Lawmakers Call for Harmonization of Cybersecurity Regulations

A bipartisan group of lawmakers yesterday called for greater coordination on cybersecurity regulations among federal financial services regulators. In light of recent large-scale cyberattacks this year, the groups voiced concern that an overly complex system of cybersecurity regulation has hindered banks’ ability to safeguard consumer data.

“A broad-based, collaborative effort—among your agencies and with the private sector—is needed to identify, defend against, and counter these cyber threats,” the lawmakers said in a letter to the heads of five agencies. “These efforts should focus resources to keep the financial services sector resilient, safe and secure, reduce inefficiencies and improve outcomes. Coordination and harmonization amongst regulators are necessary to ensure that financial institutions can direct their human and financial cybersecurity resources to identify and prevent attacks.”

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Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.