Business lobby pushes back on cyber rule for banks

  Image Source: Article

Image Source: Article

The U.S. Chamber of Commerce is warning federal bank regulators about their plan to impose new cybersecurity requirements on the largest and most interconnected financial institutions and their payment systems.

In a letter to the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, the chamber frets that the regulators’ proposal will be too specific and risks creating a compliance-based approach to cybersecurity derided by critics as tick-the-box.

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