Saturday 14 November 2015

Banks Urge Removal of Cyber Bill Provision Allowing DHS Oversight

Nov. 12 — Congressional leaders should remove a Senate cybersecurity bill provision that would allow the Department of Homeland Security (DHS) to regulate the cyber practices of critical financial services and other infrastructure, the American Bankers Association and 46 other trade organizations said Nov. 12 in a letter.

DHS and other regulatory agencies “seemingly would have free rein to assess certain businesses’ cybersecurity gaps and develop unilateral mitigation strategies for each critical infrastructure entity without input from industry,” said the letter from the ABA, the Financial Services Roundtable and the Electronic Transactions Association, as well as the U.S. Chamber of Commerce, and groups representing telecommunications, trucking, power and other industries.

The Senate on Oct. 27 passed the Cybersecurity Information Sharing Act (CISA), providing legal immunity to companies that voluntarily share cyber threat data with the federal government. The Senate bill (S. 754) must be reconciled with similar legislation (H.R. 1560, H.R. 1731) passed by the House. For the full article click here 



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