Major banking and insurance industry groups are attacking New York's proposed regulation requiring member companies to adopt stringent protections against cyberattacks that compromise consumers' confidential information.
National groups including the Securities Industry and Financial Markets Association, the American Bankers Association, and the Financial Services Sector Coordinating Council have filed public comments that are critical of nearly every major aspect of the state's cybersecurity plan.
The plan "appears to impose inflexible, one-size fits all requirements," the coalition said. They said federal regulators and other standard-setting organizations had crafted rules that were based on risk analyses and allowed more flexible guidelines.
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