Financial sector calls for regulatory 'harmonization' as industry raises scope, profile of incident-response exercises

A leading financial industry group says the need for regulatory streamlining is a major takeaway from what operators are calling the first global private-sector exercise to practice incident-response protocols in the event of a major cross-border cyberattack.

“The exercise underscores the increasing frequency and sophistication of cyberattacks, and the critical need for an effective allocation of cybersecurity resources at financial institutions,” Kenneth Bentsen, president and CEO of the Securities Industry and Financial Markets Association, said Thursday, following completion of the...