Sifma: cut red tape to help us fight cybercrime

Sifma: cut red tape to help us fight cybercrime

US financial services lobby group Sifma has used its latest cyberattack simulation exercise as an opportunity to call for a roll back of "redundant" rules in order to free up resources for fighting cyber crooks.

Over 900 people from more than 50 financial institutions took part this week in Sifma's fourth annual, two day-long, Quantum Dawn cybersecurity exercise.

The trade body says that it will work with Deloitte over the next few weeks to analyse the event and produce a report with recommendations on how the industry can better tackle the increasing cyber threat.

But Sifma CEO Kenneth Bentsen has not waited to stress how much the industry invests in cyber defences, through technology and personnel.

And he also used the opportunity to suggest a way in which his members could free up funds to ensure security: a reduced regulatory burden.

"Enhanced harmonization of regulatory standards and supervision, to reduce the amount of duplicative or redundant rules, would help enable firms to devote more resources to security and better protect investors," claims Bentsen.

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