Regulation Can’t Solve Cybersecurity Problems, Fed Official Says

From: Bloomberg

By Yalman Onaran

  • Arthur Lindo says regulators backing away from 2016 proposal
  • Government needs to co-operate with private sector, he says

More rules may not be the best answer to protecting the financial system against cyber attacks, a Federal Reserve official said.

“I don’t think the solution to the cybersecurity problem rests in regulation,” Arthur Lindo, senior associate director of the Fed’s division of supervision and regulation, said Monday at a banking conference in New York. “We’re going to try a more flexible approach.”

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