Government, industry must collaborate on cyber security, financial lobby says

U.S. financial firms and regulators must create a system for sharing information on cyberattacks and bolstering defences against future threats, the Securities Industry and Financial Markets Association said Monday. “Attacks are increasing in frequency and sophistication, and it is critical that the industry and government collaborate to mitigate these threats,” Kenneth Bentsen, Sifma’s president and chief executive, said in a statement announcing the Wall Street lobby group’s recommendations. The 11-page paper from Sifma, which represents companies including JPMorgan Chase & Co., Goldman Sachs Group Inc. and BlackRock Inc., suggests co-ordinating across agencies and setting up real-time information sharing without compromising firms’ privacy. It also calls for flexible guidance based on the complexity and resources of each firm, increased focus on recovery efforts and pressuring third-party security firms to meet regulatory demands. JPMorgan, the biggest U.S. bank by assets, has reported a breach by attackers who may also have targeted at least 13 other firms. Bloomberg News