The U.S. Chamber of Commerce is urging federal banking regulators to avoid imposing “prescriptive cybersecurity standards” on the financial sector and instead support such entities adopting a “risk-based” approach to address their unique threats.

In its Jan. 18 comment letter, the Chamber told the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that imposing prescriptive cybersecurity standards on financial sector entities “would lead to standards that may become rapidly obsolete, an emphasis on compliance rather than security, and the potential undermining of existing public-private collaboration to mitigate cyber threats.”

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