Editor’s Note: The best way for industry to prevent federal imposition of needless costly and ineffective cybersecurity regulations is to effectively protect critical infrastructure, intellectual property and personally identifiable information.
From: The Foundry/Heritage Foundation
Despite multiple recently released reports detailing cybersecurity vulnerabilities within federal agencies, Congress is still trying to give the Federal Trade Commission (FTC) greater regulatory power over data breaches. In response, the banking industry is fighting back.
In a letter to the Senate Banking Committee, representatives from the financial service industry warn lawmakers not to “mandate or embrace any one solution or technology…as the answer to all concerns.”
The letter warns that “threats to data security are ever changing and unpredictable,” and thus there is no universal solution. It also adds that “no one organization or sector alone can meet the challenges of sophisticated cyber-crime syndicates, so robust communities of trust and collective protection must constantly be developed.”
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