WASHINGTON—Fourteen financial services trade groups, including NAFCU and CUNA, have sent a letter to House leadership thanking them for their ongoing efforts to enhance cyber-security and, in particular, pass cyber-threat information sharing legislation.
“We were pleased to see both the House Homeland Security Committee and the Permanent Select Committee on Intelligence pass their respective bill unanimously. H.R. 1731 and H.R. 1560, as passed, could help foster a more robust cyber threat information sharing ecosystem,” the letter states. “The cyber threats facing the financial services industry present a clear and present danger, not only to our members and their customers, but to other critical infrastructure providers relied on by our industry and our economy.”
The letter reiterates that current law does not foster information sharing, and states it is “critical that Congress pass threat information sharing legislation to address today’s challenges and stay ahead of tomorrow’s threats. We support your continued efforts to advance legislation that further strengthens the ability of the private sector and the Federal government to work together to develop a more effective information sharing framework to respond to cyber threats, providing liability protection while balancing the need for privacy protection.”
Besides NAFCU and CUNA, the letter was signed by the American Bankers Association, American Financial Services Association, American Insurance Association, The Clearing House, Electronic Transactions Association Financial Services Roundtable, Independent Community Bankers of America, Investment Company Institute, NACHA-The Electronic Payments Association, National Association of Mutual Insurance Companies, Property Casualty Insurers Association of America, Securities Industry and Financial Markets Association.