The U.S. Securities Industry and Financial Markets Association (SIFMA) is calling for greater harmonization of regulatory guidance on cybersecurity issues.
The investment industry trade group Monday published the set of 10 principles to provide regulators with its’ insight on ways to harmonize and create effective cybersecurity guidance. It says these recommendations are meant to help regulators as they review and update their cybersecurity policies, regulations, and guidance, in order to strengthen the financial sector’s defenses to cyber attacks.
The group says that its members believe “there is an opportunity to enhance regulatory guidance beyond existing requirements to improve the protection of the financial sector, and that a dynamic and collaborative partnership between the industry and government is the most effective path forward to accomplishing this goal.”
The paper stresses that harmonization of regulatory guidance across agencies and across borders is essential to avoid confusion in the industry and needless duplication. It also recommends the development of an inter-agency harmonization working group that could coordinate the review of cybersecurity regulations, ensure consistency and receive private sector input.
“Cybersecurity is a top priority for the financial services industry,” said SIFMA president and CEO, Kenneth Bentsen Jr. “Effective and consistent regulatory guidance is a critical component of the broader cyber defense effort, as it promotes best practices and accountability across the financial sector.”
“Cyber attacks are increasing in frequency and sophistication, and it is critical that the industry and government collaborate to mitigate these threats,” he added. “We appreciate that the public sector has embraced this partnership and we will continue to offer our insights to help them in their work.”