President Trump signed an Executive Order mandating that all federal agencies implement certain cybersecurity measures to protect U.S. network infrastructure from foreign and domestic attacks.
The Order requires agencies to mitigate cybersecurity risks by adopting the National Institute of Standards and Technology Cybersecurity Framework. It also requires the federal government to support the cybersecurity efforts of private businesses that control critical infrastructure. In addition, it lays out cyber risk management documentation requirements, calls for evaluation and assessment of risk management reports, and prompts the American Technology Council to analyze federal IT systems and how they might be modernized.
SIFMA president and CEO, Kenneth Bentsen, Jr., praised the order for its potential impact on the financial services industry:
"We commend the Administration for its focus on the critically important issue of cybersecurity. Improving both the government's and the private sector's ability to defend against cyber attacks is a top priority for the financial services industry. SIFMA member firms dedicate tremendous resources to protect the integrity of the capital markets and the millions of Americans who use financial services every day."
Commentary / Joseph Facciponti
The President's cybersecurity Executive Order is a welcome development as it shows the administration is committed to supporting the private sector in protecting critical infrastructure. In addition, it holds the heads of federal agencies accountable for adopting robust cybersecurity practices to protect our government's sensitive information and computer systems.
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