Financial Services Cloud Council and Forum

written by Carter Pape, AmericanBanker.com

A coalition of trade associations, including five that represent banks, are calling on Congress to protect companies' rights to share cyber threat information.

The groups recently sent a letter to congressional leaders requesting the reauthorization of 2015 legislation that enables voluntary information sharing about cybersecurity threats between government agencies, companies and other U.S. entities.

The Cybersecurity Information Sharing Act, or CISA, of 2015, set to expire on Sept. 30, encourages public and private sector entities to voluntarily share cyber threat information by indemnifying companies wishing to share such information with other companies or with U.S. agencies including the Department of Homeland Security, or DHS; the Department of the Treasury; and the director of national intelligence, who oversees the 18 federal intelligence agencies.

The act became law in 2015 as part of an omnibus spending bill. Its reauthorization by the September deadline is far from a foregone conclusion; as part of the efforts by President Donald Trump and Elon Musk, head of the Department of Government Efficiency, the administration has downsized many federal functions, and cybersecurity has been no exception.

Most recently, as part of the termination of a number of advisory committees, the administration eliminated the Critical Infrastructure Partnership Advisory Council. The council, housed within DHS, facilitated "interaction between governmental entities and representatives from the community of critical infrastructure owners and operators," according to the Cybersecurity and Infrastructure Security Agency.

Editor's note: This blog first appeared on AmericanBanker.com on 24-March-2025.

Read the complete blog on American Banking Association website here.

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