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State by State Regulation of Cybersecurity Puts American Banks at a Disadvantage. Action Needed. Kim Kuhle

New York State Department of Banking just announced stricter cybersecurity standards for its financial institutions. (Source: Michael Volkov link below). While this is good for NY, standards should be tightened at the Congressional level as well because America is lagging behind 7 other industrial countries in its level of cybersecurity. Our country's score is far less than that of Germany, Canada, Australia etc. Source: U.S. Dept. of Treasury Federal Financial Crimes Enforcement Center (FinCen). FinCen Policy Directors are going around the states speaking to banking groups and telling the story. (See FinCen Advisory about strategic AML/CFT deficiencies FIN-2017-A002, April 5, 2017) In response to the need for action, FinCen announced a "FinCen Exchange Public-Private Information Sharing" program. This sharing program can be a basis for developing tight federal cybersecurity regulations, banding together in spite of a tradition of states rights and stepping up with our expertise for the good of all. (Source: Steve Hudak, Dec. 4, 2017 partnerships).

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