Today, the Electronic Transactions Association (ETA) submitted a comment letter to the New York State Department of Financial Services expressing strong concerns with its proposed cybersecurity requirements for financial services companies.
ETA has long supported a flexible national standard for cybersecurity. As the only trade association at the intersection of payments and FinTech, ETA member companies uniquely understand how to secure our nation’s financial systems, deploying cutting-edge innovations to meet the continuously growing threat of cyber-attacks.
ETA emphasizes in its comment letter that any regulatory framework should promote innovation in the industry. The letter also stresses that a patchwork of state laws undermines the effectiveness of cybersecurity programs. “If states continue to develop their own cybersecurity regimes, the focus of cybersecurity in the private sector will shift from developing new and innovative best practices to managing and complying with overlapping — or worse, conflicting — state and federal requirements.”
To the extent additional cybersecurity requirements are necessary, ETA supports a regulatory approach that provides industry with flexibility to keep pace with innovation in cybersecurity technology and emerging cyber threats.
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