Banking Groups Say Cybersecurity Bill Will Burden Industry

Law360, New York (August 1, 2012, 4:42 PM EDT) -- A coalition of financial services industry organizations on Wednesday urged the U.S. Senate to block a major cybersecurity bill, arguing its provisions calling for the voluntary creation of new systems to protect computer networks will likely become mandatory in the future.

In a letter to Senate Majority Leader Harry Reid, D-Nev., and the Senate's top Republican, Sen. Mitch McConnell of Kentucky, the trade groups said the Cybersecurity Act of 2012, up for a Senate vote this week, would require banks, insurance companies, securities trading firms and...
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