by Theresa Pagliocca
Cybersecurity and best practices for critical infrastructure remain a key legislative priority for DTCC. DTCC reiterated this focus in a letter to the House Committee on Homeland Security and the Subcommittee on Cybersecurity, Infrastructure Protection, and Security. The letter, signed by Larry Thompson, DTCC General Counsel, expressed support for the National Cybersecurity and Critical Infrastructure Protection Act of 2013 (H.R. 3696) which was the topic of a January 15 briefing by the Subcommittee.
At the briefing, Subcommittee Chairman Patrick Meehan (R-PA) outlined the broad spectrum of support for the legislation and praised collaborative efforts to face the “monumental but continuously evolving threat.” During his opening remarks, Chairman Meehan cited a number of groups the Subcommittee continues to work with and highlighted DTCC’s letter of support.
In the letter, Thompson stressed the need to share information as cyber-attacks are not specific to the financial services sector. “The ability to share information more broadly is critical to our preparation for and response to future attacks and we applaud the bill’s goal of strengthening cybersecurity coordination across all 16 Critical Infrastructure (CI) sectors,” stated Thompson.
The bipartisan proposed legislation aims to strengthen existing mechanisms for public-private partnership such as the Financial Services Sector Coordinating Council (FSSCC) and the Financial Services Information Sharing and Analysis Center (FS-ISAC). “These organizations are vital to our industry’s cybersecurity ecosystem and play a key role in our sector’s ability to identify threats, respond to cyber incidents and coordinate with government partners,” explained Thompson.
DTCC’s Chief Information Security Officer Mark Clancy is a member of FSSCC’s Executive Committee and co-chair of its Policy Committee, and also serves as Vice Chair of FS-ISAC’s Board of Directors.
H.R. 3696 passed its first legislative hurdle when it was approved by the Subcommittee. The next step is review by the full House Committee on Homeland Security. H.R. 3696 was introduced in December by Congressman Michael McCaul (R-TX), Congressman Bennie Thompson (D-M), Congressman Patrick Meehan (R-PA) and Congresswoman Yvette Clarke (D-NY).
For more information, view DTCC Letter of Support for H.R. 3696.