Cybersecurity plans for financial sector could be first major regulatory battle of Trump era

The financial industry is raising strong objections to a proposal by the Federal Reserve's Board of Governors, and other agencies, for enhanced cybersecurity that could emerge as one of the first major regulatory battles under the Trump administration over the government's role in mandating data-security measures.

Both opponents and proponents of the draft rules are arguing the enormity of the issue. Critics say the plan should be used as an opportunity to rein in the multiplicity of cybersecurity requirements, while...