SIFMA Supports Federal Information Security Modernization Act

SIFMA joined the Bank Policy Institute and the American Bankers Association in support of Federal Information Security Modernization Act of 2023 ("FISMA"). The Act would "enhance transparency over federal agency information security practices."

In a statement, SIFMA said that FISMA will hold federal agencies to the same standards as private companies and ensure that financial institutions will receive the information necessary to protect their customers. SIFMA said that the Act would increase the transparency of information security practices by requiring federal agencies to (i) alert private sector entities in the event of a cybersecurity incident and (ii) inform financial institutions of any "long-standing federal agency security shortcomings" by making the information accessible on an inspector general dashboard.