ABA, associations call for agencies to strengthen cyberincident reporting

Federal agencies should be held to the same standards as private companies when protecting consumer data and reporting cybersecurity incidents, the American Bankers Association and two financial sector trade associations said today in response to legislation that would upgrade the federal government’s cybersecurity procedures.

In a joint statement, the associations said they supported two provisions in a proposed update of the Federal Information Security Modernization Act, or FISMA, with versions of the bill having been introduced in the House and Senate. The first provision would require federal agencies to notify private sector entities whose information has been compromised in an agency cybersecurity incident. The second would help inform financial institutions of any long-standing federal agency security shortcomings and the effects of those weaknesses by making the information accessible through an inspector general dashboard.

“FISMA will improve accountability among federal agencies and give financial institutions the critical information they need to protect their customers following a cyber threat,” the associations said.