U.S. Plans for Stronger Internet Security Could Cost Financial Institutions, Says Trade Group

By Colby Adams

A White House executive order calling for tighter national cybersecurity could result in substantially increased costs for financial institutions and other companies, the head of an Internet trade group said Wednesday. The executive order, issued last month, requires U.S. agencies to develop a framework of cybersecurity standards to be followed by public entities and private companies that are deemed critical to national security. The technical standards, which are slated to be finalized by February, are expected to be translated into regulations. In a speech before compliance professionals, the president of the Internet Security Alliance, Larry Clinton, exhorted financial institutions to...