Subscription Center  

News

In a June 21, 2013 article, SNL Financial quoted Venable partner and retired Navy Rear Admiral Jamie Barnett on the status of cybersecurity in the banking industry.

He said the issue has mostly frozen. Although the industry recognizes the threats, it is wary of regulation and legislation around cybersecurity, especially considering the controversy involving the Cyber Intelligence Sharing and Protection Act, or CISPA, which would let private businesses share customers’ personal information with the government. The bill passed the House in April.

Barnett said there is a greater role for the government in cybersecurity, and suggested the government create something like a “cyber firefighting brigade” that companies can call when under attack. He also proposed tax breaks for companies that improve their cybersecurity or hire third parties to perform monitoring and detection services.

Barnett concluded, saying “The industry says, ‘we don't want the government to regulate us,’ and the privacy advocates say, ‘we don't want the government getting involved in this.’ Instead, what we need to say is, ‘what positive things can we do to reinforce the private sector?’”