Financial Services Roundtable CEO Urges Congress to Pass Cybersecurity Legislation

April 3, 2014

Financial Services Roundtable (FSR) CEO Tim Pawlenty outlined ways the financial industry is protecting consumers and the steps it needs from policymakers to further protect customers from cyber attacks in testimony before the Senate Homeland Security Committee.

Pawlenty testified April 2 before the committee in a hearing focused on cybersecurity. He urged lawmakers to better enable industry to protect consumers by passing comprehensive cyber threat information sharing legislation that provides liability protections for information to be exchanged with private partners and the government. Pawlenty noted support for measures similar to the Data Security Act of 2014 (S. 1927), which would establish a national, uniform cyber breach notification standard so that in the event of a breach, customers can understand what happened and what actions they should take, while being treated similarly regardless of the state in which they live.

FSR released a video “Cybersecurity: Staying One Step Ahead of a Common Enemy” outlining the work of the financial services industry and calling for needed action against cyber threats.