Washington, D.C. – The Administration announced a National Cybersecurity Strategy today outlining six core pillars to strengthen America’s cyber defenses. The strategy prioritizes deterrence, regulatory harmonization, workforce, critical infrastructure protection, emerging technologies and federal procurement. BPI President and CEO Greg Baer responded:
Today’s announcement presents a clear pathway for keeping our nation safe from emerging threats, and banks remain committed partners in this fight. Nation-state cyber intrusions and cybercrime represent significant challenges facing our nation’s critical infrastructure, with cybercrime estimated to be a $10 trillion tax on the global economy. Banks and their government partners are already advancing many of the pillars reflected in this plan, and we look forward to deepening that collaboration with the Administration, the banking agencies and the Office of the National Cyber Director to strengthen the security and resilience of the financial system.
The financial services industry experienced a 109% increase in targeted intrusion attempts in 2024, according to CrowdStrike. These attacks are growing in scale and sophistication, and cyber risk is a top concern for bank leaders, regulators and the broader economy. To safeguard America’s financial system, BPI has advocated for:
- Enhanced coordination between banks and regulators. Banks are investing in new solutions and best practices, but they can’t do it alone. Regulators must hold banks and nonbanks to consistent standards. Financial data is only as safe as the weakest link in the chain.
- Streamlined regulatory reporting requirements. Banks face more than 10 distinct incident reporting requirements — many with conflicting timelines and definitions.
- Reauthorization of critical laws that protect threat-intelligence sharing. Ten years ago, Congress passed the Cybersecurity Information Sharing Act. It removed legal barriers and incentivized cyber threat information sharing, a key tool for defending critical infrastructure. These protections will expire on Sept. 30, 2026. Congress should pass a long-term reauthorization and restore a key resource for strengthening our collective defense against cyberattacks.
Additional BPI Resources:
Mitigate threats and improve security practices to better protect sensitive financial data.
- Ransomware: A Resource Guide
- Ransomware Issue Summary
- Quantum Computing: The Urgent Need to Transition to Quantum-Resistant Cryptography
- Why Is Quantum Computing Attracting So Much Attention?
- Don’t Get Hooked on Phishing
- Multifactor Authentication: Opportunities and Challenges
- Adaptive Trust: Zero Trust Architecture in a Financial Services Environment
- Employee Identity and Access Management: A BITS Primer
Streamline and align overlapping and duplicative regulatory reporting requirements.
- Cyber Incident Reporting Requirements & Notification Timelines for Financial Institutions
- Information Sharing & Collaboration Issue Summary
- Financial Trades Urge SEC to Rescind Cyber Rule That Endangers Victims and Undermines Investor Protection
- BPI Statement Before House Subcommittee on Streamlining Duplicative Cybersecurity Regulations
- No Matter the Cost: The SEC’s Risky Quest for Cyber Transparency
- BITS’s Heather Hogsett Testifies on Streamlining Duplicative Cybersecurity Regulations
- BPI Supports the Streamlining Federal Cybersecurity Regulations Act
Preserve the liability and antitrust protections to encourage threat-intelligence sharing.
- Industry Groups Call on Congress to Renew Critical Cybersecurity Law Before September 30 Expiration
- America’s Critical Infrastructure Sectors Urge Congress to Reauthorize Cybersecurity Information-Sharing Law
- BPI Supports Reauthorization of Cyber Threat Information Sharing Law
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About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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