The Financial Services Roundtable and the Securities Industry and Financial Markets Association urged Senate leadership in a Monday letter to bring cybersecurity information sharing legislation to the floor as soon as possible.
In their letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Harry Reid, D-Nev., SIFMA and FSR, along with 14 other financial services trade groups, said the Cybersecurity Information Sharing Act of 2015 (CISA) would encourage the sharing of critical cyber threat information between financial institutions, among and between sectors, and with the federal government in order to protect consumers and the nation’s financial infrastructure.
The bipartisan legislation was recently approved by a 14-1 vote by the Senate Select Committee on Intelligence.
“The financial services industry is dedicated to improving our capacity to protect customers and their sensitive information, but as it stands today, our laws do not do enough to foster information sharing and establish clear lines of communication with various government agencies responsible for cybersecurity,” the groups wrote in their letter. “CISA will strengthen the nation’s ability to defend against cyberattacks and better protect all Americans by encouraging the business community and the government to quickly and effectively share critical information about these threats while ensuring privacy.”