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Wall Street wants joint cybersecurity approach with regulators

Wall Street wants to work with the U.S. federal government and other agencies to help streamline cybersecurity guidelines to protect banks
By: Michael Hatamoto | Hacking & Security News | Posted: Oct 21, 2014 10:30 pm

The Securities Industry and Financial Markets Association (SIFMA), the top Wall Street trade group, wants increased inter-agency efforts to create cybersecurity guidelines for the financial industry. Instead of a "one size fits all" approach to cyberattacks, regulators would be able to ensure cybersecurity rules force companies to conduct "risk-based" and "value-added" audits.




"You could have a patchwork... for a big global bank, of five or six regulators all looking at this from a slightly different perspective, with slightly different guidance or principles of what they think is effective," said Karl Schimmeck, SIFMA managing director of financial services operations, in a statement to Reuters.


Banks and financial companies already use stronger cybersecurity than other private sector companies, but JPMorgan Chase's recent breach indicated they clearly aren't immune from high-profile cyberattacks. The U.S. federal government is battling how to force companies to disclose breaches, along with helping them defend against future attacks.


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