In the financial sector, cybersecurity is the one issue that keeps generating unwelcome interest. Most recently, a massive attack on JPMorgan Chase & Co. compromised the financial account information of about 76 million households. As the danger to financial institutions becomes ever more apparent, it seems clear that more government regulation is on the horizon. A major Wall Street trade association, the Securities Industry and Financial Markets Association (SIFMA), has created a list of suggestions for how the government can best regulate cybersecurity in the financial sector.
SIFMA’s “Principles for Effective Cybersecurity Regulatory Guidance” is a document that offers 10 suggestions to government agencies looking to tackle growing cybersecurity problems. In addition to the principles, SIFMA recommended that the government entities in charge of regulating cybersecurity in the financial sector form a single working group to make sure their efforts are better coordinated and avoid redundancy.
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