June 21, 2017

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FSR Calls for Cybersecurity Regulatory Harmonization in Testimony at Senate Homeland Security Hearing

We support regulators’ attention to the critical issue of cybersecurity; however, as recently noted by the Treasury, there is a growing duplication and overlap in financial cybersecurity regulations and a need to better harmonize efforts among regulators.

FSR Calls for Cybersecurity Regulatory Harmonization in Testimony at Senate Homeland Security Hearing
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FSR Calls for Cybersecurity Regulatory Harmonization in Testimony at Senate Homeland Security Hearing

 

WASHINGTON – Cybersecurity regulatory harmonization must be a top priority for policymakers testified Chris Feeney, President of BITS, the technology policy division of the Financial Services Roundtable (FSR), today before the United States Senate Committee on Homeland Security & Governmental Affairs.

Cybersecurity is a top priority for FSR member firms and the financial industry has a long history of significant investment and collaboration with government partners to protect critical infrastructure. FSR member companies support regulatory action on cyber, yet the financial services sector has been subject to nearly 30 new or proposed cybersecurity rules, guidelines, tools or frameworks.

“We support regulators’ attention to the critical issue of cybersecurity; however, as recently noted by the Treasury, there is a growing duplication and overlap in financial cybersecurity regulations and a need to better harmonize efforts among regulators,” Feeney noted in his testimony. “For example, one firm’s Chief Information Security Officer estimated that 40% of his time and that of his team was devoted to reconciling various requirements of regulatory agencies,” Feeney added.

The unnecessary duplication is a growing concern for FSR member companies as it diverts the attention of cybersecurity professionals away from keeping up with threats to instead focus on comparing and answering compliance questionnaires.

FSR looks forward to working with the Administration and policymakers to harmonize cyber regulation to better safeguard the financial system and the consumers it serves.

Earlier this year, BITS outlined key priorities for policymakers around cyber and technology policy, including regulatory harmonization, which can be found here.

To read FSR’s full written testimony click here.

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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