The U.S. Chamber of Commerce is urging federal banking regulators to avoid imposing “prescriptive cybersecurity standards” on the financial sector and instead support such entities adopting a “risk-based” approach to address their unique threats.
The Chamber told the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that any prescriptive cybersecurity rules in the financial sector would “become rapidly obsolete, an emphasis on compliance rather than security.” The Chamber, responding to a call for comments, said the proposed rules also threaten to undermine “existing public-private collaboration to mitigate cyber threats.”
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