A coalition of 13 leading trade associations, including the Bank Policy Institute (BPI), is calling on Congress to extend the Cybersecurity Information Sharing Act before it expires on Sept. 30.
The 13 groups warned that failing to do so would impede public-private sector coordination during cyberattacks while weakening the nation’s cyber defenses.
“The current cyber threat landscape highlights the need for consistent public-private collaboration—of which information sharing is a central component,” the coalition wrote. “Without the protections codified by this statute, businesses may be less willing to share cyber threat information for fear of legal exposure. Any chilling effect on this information exchange directly benefits the nation-state attackers and cybercriminals seeking to degrade U.S. economic and national security interests.”
The Cybersecurity Information Sharing Act was enacted more than a decade ago in response to a breach at the Office of Personnel Management. Since then, attacks on both the public and private sector have ramped up. Some recent attacks were targeted at SolarWinds, BeyondTrust and the Office of the Comptroller of the Currency.
The law creates a voluntary framework for the private sector and government agencies to share cyber threat information. It also seeks to ensure that data sharing is secure and complies with strict privacy safeguards. Further, it enacts antitrust and liability protections for companies to share threat indicators.
Along with BPI, the groups include Alliance for Digital Innovation, American Bankers Association, American Public Power Association, Bank Policy Institute, Business Roundtable, Business Software Alliance, Edison Electric Institute, Independent Community Bankers of America, Information Technology Industry Council (ITI), Institute of International Bankers, National Rural Electric Cooperative Association, Operational Technology Cybersecurity Coalition, and the Securities Industry and Financial Markets Association.
Legislation to renew the law, led by Rep. Andrew Garbarino (R-NY), passed out of the House Committee on Homeland Security on Wednesday by a unanimous vote of 25-0.