Jun 10, 02:22 AM

BPI, ABA, MFA, SIFMA Urge U.S. Treasury to Boost Cybersecurity After Hack of Over 100 Bank Regulators

Several major financial-sector trade groups, including the Bank Policy Institute (BPI), the American Bankers Association (ABA), the Managed Funds Association (MFA), and the Securities Industry and Financial Markets Association (SIFMA), have jointly urged the U.S. Treasury Department to strengthen cybersecurity measures following a prolonged hack that compromised sensitive emails of over 100 bank regulators. The groups highlighted ongoing data security lapses at federal financial regulatory agencies and called for major reforms in how these regulators manage sensitive information. In addition to demanding higher cyber standards for regulators, the industry is advocating for banks to retain their own data rather than allowing agencies to collect it, and for streamlining regulatory examinations to reduce the volume of information collected. This push comes amid a broader context of increasing cyber threats to the financial sector, including surges in distributed denial-of-service (DDoS) attacks and vulnerabilities linked to third-party security weaknesses. The industry associations have also petitioned the Securities and Exchange Commission (SEC) to rescind certain cybersecurity disclosure requirements, reflecting ongoing debates about regulatory approaches to data security. A 2022 Treasury report previously noted that while banks invest heavily in data security and privacy to protect customers, data aggregators may not meet the same standards. Overall, the financial industry is emphasizing the need to protect banks not only from external cyber threats but also from risks posed by regulatory agencies themselves.

#Bank Policy Institute #BPI #American Bankers Association #ABA #Managed Funds Association #MFA #Securities and Exchange Commission #SEC

Written with ChatGPT (GPT-4).

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