President Obama Signs Cybersecurity Executive Order Urging More Information Sharing
Feb. 16, 2015
Cybersecurity continued to get high-level attention as President Obama, retailers, technology providers and the financial services industry came together in Silicon Valley for a summit meeting. The event, hosted by a partnership formed last year between retailers and banks , culminated in the unveiling of recommendations that could pave the way toward increased information sharing in the name of thwarting the fraud that results from an ever-increasing wave of data network breaches.
At the event on the campus of Stanford University, the president signed an executive order that urges—but does not require under penalty of law—a higher level of information sharing among private companies through the formation of Information Sharing and Analysis Organizations (ISAO). The executive order gives more momentum to the sweeping cybersecurity initiative the President launched in January that includes working toward national breach notification laws. The ISAOs called for by the president will be shepherded by the Department of Homeland Security and the National Cybersecurity and Communications Integration Center.
In a joint statement, Tim Pawlenty, CEO of the Financial Services Roundtable, and Sandy Kennedy, president of the Retail Industry Leaders Association—partners in the Merchant Financial Cyber Partnership that hosted the summit—said: “Ensuring consumers are protected from cyber criminals across the payments system is critical and the merchant and the financial services industries need to continue to collaborate to enhance security measures and battle this common threat.”