Banks Say Fed Should Lead in CyberSecurity for Industry

Banks Say Fed Should Lead in CyberSecurity for Industry

Cyber-security is a huge factor in the business sector.  In recent news U.S. banks urged the Federal Reserve to take the lead in defending the financial services industry from cyber attacks by working with federal counter-terrorism, intelligence and law enforcement agencies, documents show.  Electronic attacks could potentially disrupt banks, telecommunications, utilities and other services.

Bankers said the Fed should coordinate between lenders, regulators, and intelligence agencies to protect the financial system and set up a central source of information on attacks. The said the Fed should provide financial expertise to the Federal Bureau of Investigation and Department of Homeland Security, and work with other agencies to ensure they don’t establish duplicative regulatory requirements, minutes show.

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