Wall Street urges U.S. regulators’ joint cybersecurity approach

From: Reuters

By Sarah N. Lynch and Douwe Miedema

Wall Street’s top trade group is calling for the creation of a new inter-agency working group of regulators and the White House that would be tasked with developing consistent cybersecurity rules for the financial industry.

The recommendation by the Securities Industry and Financial Markets Association (SIFMA) was one of several unveiled on Monday as part of a new paper that lays out proposed “principles for effective cybersecurity regulatory guidance.”

The inter-agency harmonization working group could be led by the Office of Management and Budget, SIFMA said, and would be charged with avoiding “unnecessary overlap” and making sure that “any domestic requirements are consistent with international legal obligations”.

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