US trade body calls for ‘harmonised’ cyber security regulations in financial sector

Editor’s Note: For more information on using trade negotiations for harmonizing regulation of critical infrastructure cybersecurity, see the article in Inside US Trade here and a High Level Regulatory Cooperation Forum presentation here.


New proposals designed to boost oversight of cyber security measures by
regulators in the US have been published by the country’s Securities Industry
and Financial Markets Association (Sifma).

Sifma, a US industry trade group which represents securities firms, banks and asset managers, said its recommendations (11-page / 332 KB PDF) aim to help regulators “as they move forward with plans to review, update and harmonise their cyber security policies, regulations, and guidance”, to strengthen the financial sector’s defence and response to cyber attacks.

Sifma said 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”.

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