"Cybersecurity is a top priority for the financial services industry, which is dedicating significant resources to protect the integrity of the financial markets and the millions of Americans who use financial services every day. This report underscores the importance of cybersecurity legislation that would make it easier for the industry and government to work together to address this growing threat. A robust public-private partnership is the most effective way to prevent and defend against cyber attacks. We urge Congress to prioritize national security and take action now on the bipartisan information sharing legislation pending in the Senate.

"This legislation would provide important liability protections and enhanced coordination to empower the industry to best protect its clients and the financial markets. SIFMA members remain committed to doing everything possible to prevent and defend their firms and the sector against cyber attacks, including the development of best practices and simulated attack exercises that strengthen response protocols. Complacency is not an option, and we encourage policymakers to make cybersecurity legislation a key focus."