As the National Institute of Standards and Technology works to develop a sector-wide privacy framework, the American Bankers Association yesterday joined the Bank Policy Institute and SIFMA in a comment letter encouraging NIST to consider existing data privacy frameworks already in place for financial institutions and to work collaboratively with the private sector.
Specifically, the associations recommended that NIST structure the privacy framework similarly to its existing cybersecurity framework; ensure that the privacy framework is not based on specific standards; consider existing domestic and international privacy laws; work to harmonize the framework with other global efforts; and create a glossary of clear and specific terms and definitions to ensure consistency.
