SIFMA Statement on Cybersecurity Remarks by Secretary Lew

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Release Date: July 16, 2014
Contact: Liz Pierce, 212.313.1173, lpierce@sifma.org

SIFMA Statement on Cybersecurity Remarks by Secretary Lew

Washington, DC, July 16, 2014— SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, after remarks by U.S. Treasury Secretary Jacob J. Lew on cybersecurity:

“Cybersecurity is a top priority for the securities industry, which is dedicating significant resources to protect the integrity of the financial markets and the millions of Americans who participate in the financial markets every day. SIFMA commends Secretary Lew’s leadership on cybersecurity and his call for legislation that would enhance information sharing between the government and private sector. SIFMA has long called for Congress to take action and pass  legislation would remove some of the legal red tape and make it easier for the private sector and government to work together and share important threat information.  SIFMA also commends the Administration for their work on the NIST cybersecurity framework, and SIFMA remains committed to promoting adoption of the NIST framework amongst our membership.

“SIFMA believes a robust public-private partnership is the most effective way to combat cyber threats. SIFMA has brought together experts from across the public and private sectors to better understand the risks involved in a cyber attack and develop best practices to be better prepared to thwart an attack. Additionally, we have held several exercises designed to simulate a cyber attack and prepare for contingencies should an attack occur.  The financial services industry remains committed to doing everything it takes to prepare and defend against a cyber attack. Cybersecurity legislation is essential to ensure we are as effective as possible.” 

SIFMA also joined several financial services trade organizations in a joint statement on cybersecurity – read the joint statement here:  http://www.sifma.org/newsroom/2014/financial_industry__cybersecurity_is_a_top_priority_for_protecting_customers/

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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

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