ICBA commends administration’s cybersecurity actions

ICBA commended the Trump administration for releasing President Donald Trump’s Cyber Strategy for America and executive order on combating cybercrime, fraud, and predatory schemes.

Details: In a national news release, ICBA President and CEO Rebeca Romero Rainey said, “With community banks on the front lines defending the financial sector and bank customers against cyber threats, these executive actions make a much-needed commitment to government and private-sector coordination and to hardening our financial and digital systems against cyber threats executed by sophisticated transnational criminal organizations.”

Background: The White House last week released:

• President Trump’s Cyber Strategy for America, which outlines the administration’s priorities and calls for coordination across government and the private sector to invest in technologies and innovation.

• An executive order on combating cybercrime, fraud, and predatory schemes that directs federal agencies to harden U.S. financial and digital systems against these threats through law enforcement, diplomacy, and potential offensive actions.

Recent Advocacy: ICBA last week testified at a House hearing that fraud is an urgent problem that must be fought through coordination among financial institutions, law enforcement, and government.