FSR Pushes for Cybersecurity Legislation

Vote on House Bill Could Come This Week

The Financial Services Roundtable (FSR), the lobby for financial services companies, including banks, insurance companies and credit card companies, has launched a campaign pushing for passage of cybersecurity bills currently on both sides of the Hill.

That will include billboards on Metro trains and digital ads calling on the House and Senate to pass cyber threat information-sharing legislation. "Cyber threat information sharing legislation is long overdue and Congress must continue to work together to get it over the finish line," said FSR president & CEO Tim Pawlenty.

Those bills would provide for liability protections for sharing information with the government and among private companies. 

The President in February signed an executive order encouraging more cyber threat info sharing.

While recognizing the need for cybersecurity legislation is bipartisan, and some of the bills have sponsors from both parties, there continue to be poltiical divides over a national standard — some Democrats say it would be weaker than some state laws it would preempt — and the degree of liability protection for private companies.

House and Senate committees have both passed versions of cybersecurity legislation, and a House bill is expected come up for a vote in that body this week.