Securities Industry and Financial Markets Association (Sifma) has called for regulatory bodies to work together to tackle cybersecurity, both across agencies and borders. This is “essential” to avoid confusion and duplication of efforts in the industry.

The call for collaboration came as part of Sifma’s new paper "Principles for Effective Cybersecurity Regulatory Guidance," which listed ten principles. This included recommending the foundation of an inter-agency working group that could coordinate the review of cybersecurity regulations, ensure consistency and receive private sector input.

"Cybersecurity is a top priority for the financial services industry, which is dedicating significant resources to protect the integrity of the markets and the millions of Americans who use financial services every day,” said Kenneth E Bentsen, Jr, Sifma president & CEO.

Effective and consistent regulatory guidance is a critical component of the broader cyber defence effort, as it promotes best practices and accountability across the financial sector."

Sifma said that its goal is to promote a collaborative approach to cybersecurity that can foster innovation and strengthen efforts to protect financial industry operations and clients. It believes regulatory guidance beyond existing requirements is needed to improve the protection of the financial sector, and that a partnership approach is the best way to achieve this.

"Cyber attacks are increasing in frequency and sophistication, and it is critical that the industry and government collaborate to mitigate these threats. We appreciate that the public sector has embraced this partnership and we will continue to offer our insights to help them in their work," added Bentsen.

Sifma actively promotes the National Institute of Standards and Technology Cybersecurity Framework as a universal structure that can be used as the starting point from which to build a unified approach to cybersecurity.