Wall Street moving on cybersecurity oversight

A Wall Street-backed regulator is planning to tighten its cybersecurity oversight in 2015.

The Financial Industry Regulatory Authority (FINRA), which monitors brokerage firms and exchange markets, is rewriting its “examination priorities” to focus more on cybersecurity, Reuters reported.


It is hiring technical experts to help with the examinations, said Susan Axelrod, FINRA’s executive vice president of regulatory operations.

Axelrod spoke Wednesday at a Securities Industry and Financial Markets Association (SIFMA) conference.

Two weeks ago, SIFMA, an influential Wall Street trade group, issued its own guidelines for the new government cybersecurity regulations.

Financial cybersecurity discussions have intensified in the wake of a data breach at JPMorgan Chase that exposed the names, address, phone numbers and emails of 76 million personal accounts.

In its recommendations, SIFMA called on a public-private partnership between trade groups and the White House to set cybersecurity rules for the financial institution.

Banks have been under pressure from New York’s banking supervisor to tighten their cybersecurity practices or face new regulations.