The executive order gives the federal government responsibility for working with private companies to develop voluntary cybersecurity standards.
The National Institute of Standards and Technology is charged with taking the lead in developing the standards—called the Cybersecurity Framework. The order also designates the Treasury Department as the financial services industry’s sector-specific agency.
This morning, ABA president and CEO Frank Keating made the following statement:
President Obama’s executive order provides important direction to the public sector on the need to share information associated with threats to our critical infrastructures. The order recognizes the role of primary federal regulatory agencies in determining the extent to which current cybersecurity regulatory requirements are sufficient. It also recognizes the value of leveraging existing expertise within sector-specific agencies and the National Institute of Standards and Technology to the greatest extent possible as the administration evaluates the need for enhanced standards.Read the executive order.
Banks and other financial services companies have made cybersecurity a top priority. We have invested an enormous amount of time, energy and money to put in place the highest level of security among critical sectors, and we are subject to the most stringent regulatory requirements.