SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, after the National Institute of Standards and Technology (NIST) issued its Cybersecurity Framework.
"We commend the Obama Administration and NIST for their focus on the critically important issue of cybersecurity, which is also a top priority for our sector. Cyber attacks are increasingly a major threat to our financial system and the financial industry is dedicating significant resources to protect the integrity of our markets and the millions of Americans who use financial services every day. The NIST framework is a meaningful step forward in protecting the nation as it establishes a voluntary set of standards that can be applied across all industries to help reduce cyber risks to our nation's critical infrastructure.
"We appreciate NIST's open and inclusive process in developing its framework, which further demonstrates the deep commitment of both the Administration and the industry to a productive public-private partnership on cybersecurity. A strong public-private partnership, complete with robust information sharing, is the most effective way to prevent and defend against cyber attacks.
"SIFMA will work with our members to promote a greater understanding of the NIST framework and how it can be implemented. The financial industry already employs many of the standards identified in the framework and is continuously working to improve its defenses through exercises such as SIFMA's Quantum Dawn 2 drill, which simulated a systemic attack on the markets and enabled firms and government agencies to test their response plans. We hope the NIST framework will reduce cybersecurity risk for all industries.
SIFMA will hold an educational event, "Cybersecurity Standards: Exploring the NIST Framework," on March 18, which will include speakers from NIST, the Department of Homeland Security, and other partners who helped develop this framework.
More information on SIFMA's cybersecurity and business continuity planning (BCP) efforts is available here: http://www.sifma.org/bcp/ .