Financial Industry Executives Respond to New York Times Editorial Involving Cybersecurity Legislation

SIFMA President and CEO Kenneth E. Bentsen, together with the leadership of the Financial Services Institute, the American Bankers Association, the Financial Services Forum and the Financial Services Roundtable, responded to a New York Times editorial that outlined shortcomings in cybersecurity legislation.

The New York Times editorial argued that the cybersecurity legislation risks the privacy of individuals and could create tensions with foreign governments. According to Mr. Bentsen, however, the legislation contains "critically important legislative fixes."

Mr. Bentsen explained that the legislation will "empower" both businesses and the government with better information that will protect customers and help them to "stay ahead" of potential cyberattacks. He noted that the information sharing proposed by the legislation is important because it will help businesses and governments to "learn from each other regarding the nature and location of cyberattacks" and improve network security to prevent future attacks.

See: Mr. Bentsen's Letter to the Editor; "Shortcomings of Cybersecurity Bills," by The New York Times Editorial Board.Related news: Mercatus Scholar Asserts That CISA Threatens Privacy and Security (May 13, 2015); SIFMA and Other Associations Submit Comments to House of Representatives on Cybersecurity (April 21, 2015).