SIFMA Statement on ‘Cybersecurity Information Sharing Act’

Washington, DC, July 11, 2014 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the “Cybersecurity Information Sharing Act of 2014” (S. 2588), which was passed by the Senate Intelligence Committee earlier this week:

“We applaud Chairman Feinstein and Vice Chairman Chambliss for their leadership on this critical national security issue.  The threat our economy faces from cyber attacks is real and the bipartisan action will significantly improve information sharing that is crucial to improving our cyber defenses.  SIFMA believes the Committee has taken a balanced and considered approach which will help the financial services industry to better protect our customers’ from cyber terrorists and criminals, as well as their privacy.

“While the Committee’s action is one necessary step in the right direction, there is more work to be done to get this bill to the President’s desk. Congress should move swiftly. We cannot wait for the next attack to legislate, but must remain vigilant and proactive.

“As an industry, we have made cybersecurity a top priority. SIFMA has brought together experts from across the public and private sectors to better understand the risks involved in a cyber attack and develop best practices to be better prepared to thwart an attack. Additionally, we have held several exercises designed to simulate a cyber attack and prepare for contingencies should an attack occur.  The financial services industry remains committed to doing everything it takes to prepare and defend against a cyber attack, but to be effective, we will have to work closely with the federal government and strengthen our partnership to effectively protect our nation from looming cyber threats.”

The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA’s mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.