25 November 2017
visit www.aciworldwide.com

Sifma: cut red tape to help us fight cybercrime

10 November 2017  |  5390 views  |  0 Wall street sign

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sifma slams Finra data collection plans

Sifma slams Finra data collection plans

02 December 2014  |  3711 views  |  0 comments
Sifma calls for better communication following cyber-attack simulation

Sifma calls for better communication following cyber-attack simulation

22 October 2013  |  4029 views  |  0 comments | 3 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.response.ncr.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Sepa instant payments goes liveSepa instant payments goes live
10972 views comments | 46 tweets | 79 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
9533 views comments | 25 tweets | 37 linkedin
hands typing furiouslyHow Fintech Companies are disrupting the C...
8198 views 0 | 20 tweets | 9 linkedin
Axis Bank uses Ripple to open new payment corridors between the UAE and SingaporeAxis Bank uses Ripple to open new payment...
8138 views comments | 8 tweets | 22 linkedin
UK Open Banking expanded to cover all PSD2 productsUK Open Banking expanded to cover all PSD2...
7825 views comments | 21 tweets | 47 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job