ABA Response to Executive Order

Excerpts from the ABA response:  

"It's time to get serious about building a security infrastructure that brings banks, payment networks and retailers together to safeguard sensitive financial data," James Ballentine, executive vice president, congressional relations and public affairs for the ABA, wrote to the members of the U.S. Senate and House of Representatives. "It's time to pass a strong, consistent national standard for fighting data breaches and give consumers the protection they deserve."

The first step toward protecting federal networks: abiding by the NIST cybersecurity framework, Homeland Security adviser Tom Bossert explained at a press conference about the order. Although the government established the framework in 2013 for private companies, it has yet to follow it. "If we don't move to shared services, we have 190 agencies all trying to develop their own defenses against advanced collection efforts," Bossert explained.

Read the source article in Lexology.