WASHINGTON (8/4/14)--More than a dozen financial services organizations have praised new cybersecurity legislation passed by the Senate Select Committee on Intelligence. The Credit Union National Association, along with other organizations dedicated to credit unions, banks, investments and financial markets, signed a letter supporting the bill.
The Cybersecurity Information Sharing Act (CISA) of 2014 (S. 2588) is intended to strengthen defenses against cyberattakcs by encouraging the business community and the government to share information about threats more quickly, while ensuring privacy.
The letter points out the need for Congress to act on the bill, citing cyber threats that are more "sophisticated and dangerous than ever," and pointing out the need for public/private cooperation to share information.
"As it stands today, our laws do not do enough to foster information sharing and establish clear lines of communication with the various government agencies responsible for Cybersecurity," the letter reads. "Simply put, there is a limit to our ability to protect our customers and there is a clear need for Congress to act."
The bill would strengthen the ability of private sector and federal government to share information, by narrowing liability protections and strengthening privacy protections.
"For the undersigned financial services trade associations, more effective information sharing provides some of the strongest protections of privacy, as it is information about our members' customers that we are seeking to protect from those who would seek to steal or destroy that information," the letter reads.
The letter, addressed to Sen. Harry Reid (D-Nev.), Senate Majority Leader and Sen. Mitch McConnell (R-Ky.), Senate Minority Leader, urges the legislators to move CISA to the Senate floor as soon as possible.