A leading association representing the financial industry has raised significant concerns regarding proposed requirements for enhanced cybersecurity transparency. The group argues that while the intent is to improve security, mandated public disclosures about cyber incidents or specific security measures could inadvertently create new security risks. Revealing too much detail, they contend, could provide valuable information to potential attackers, making financial institutions more vulnerable.
Their opposition highlights worries about the potential for an excessive regulatory burden and the challenges of developing standardized reporting that is both informative and doesn’t compromise sensitive operational details. They emphasize that the sector already maintains rigorous cybersecurity standards and employs sophisticated risk management practices. The association advocates for a focus on effective, confidential information sharing among industry participants and regulators as a more secure and effective means to enhance overall financial stability and resilience against cyber threats, rather than relying on broad public reporting that could be counterproductive.
Source: https://www.helpnetsecurity.com/2025/06/03/bankers-association-attack-on-cybersecurity-transparency/
