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The House Financial Services Committee Oversight and Investigations Subcommittee held a hearing as part of an ongoing series that examines the threat posed by cyberattacks to the U.S. economy and financial services sector. According to witnesses at the hearing, an increasing number of prominent nation-states, criminal organizations, terrorist groups and "hacktivists" are capable of carrying out cyberattacks against the United States. Additionally, witnesses asserted that the U.S. financial sector is at increased risk of cyberattack relative to other sectors. C li ck here to view a summary of

The Financial Services Roundtable, American Bankers Association, and SIFMA (collectively, the "Associations") issued a statement urging Senate lawmakers to immediately proceed to consideration of the Cybersecurity Information Sharing Act ("CISA"). The Associations contended that the CISA would allow financial firms and other sectors to better protect American consumers and businesses by sharing critical information about cyberattacks with each other, the government, law enforcement and other institutions. Se e: SIFMA Press Release. Related news: SIFMA Urges Passage of Senate Cybersecurity

SIFMA released a statement in response to Senator Richard Burr's (R-NC) offering of the Cybersecurity Information Sharing Act ("CISA") as an amendment to the National Defense Authorization Act ("NDAA"). SIFMA commended Senator Burr for introducing the CISA as an amendment to the NDAA, and strongly encouraged the Senate to adopt the amendment. According to SIFMA, information sharing legislation, such as that put forward by Senator Burr, "will empower businesses and government agencies with the best information to protect consumers and stay ahead of the rapidly evolving and increasingly

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing titled "Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats." The purpose of the hearing was to give members of the Committee on Financial Services (the "Committee") a better understanding of: (i) how the financial sector protects itself from cyber threats, (ii) how market participants coordinate information sharing between themselves and federal agencies, (iii) what types of security measures and standards are in place to prevent breaches, and (iv) what types

SIFMA and fifteen other associations (the "Associations") sent a letter to Senator Mitch McConnell (R-KY) and Senator Harry Reid (D-NV) in support of the Cybersecurity Information Sharing Act of 2015 ( S. 754 ) (the "Act"). The main purpose of the Act is to facilitate information sharing about cyber threats and developments between (i) different agencies of the U.S. government, (ii) the U.S. government and various private and local government entities and (iii) private entities. In the letter, the Associations urge the Senators to bring the Act, which was approved by the Select Committee on