Today, SIFMA hosted a roundtable on cybersecurity with leading financial services participants and Members of Congress to drive a discussion between industry and lawmakers on the role of the capital markets in funding cybersecurity initiatives. The event was held on Capitol Hill and congressional participants included House Homeland Security Chairman Michael McCaul (R-TX) and Reps. Jim Langevin (D-RI), Buddy Carter (R-GA), Jim Himes (D-CT) and Randy Neugebauer (R-TX). Industry participants included Ryan McDonald, Senior Analyst, Wunderlich; Byron Collie, Technology Fellow & Head of Cyber Intelligence, Goldman Sachs; Keith Weiss, Managing Director, Head of U.S. Software Equity Research at Morgan Stanley; and Melissa Gorham, Vice President, Software Equity Research at Morgan Stanley.

"We continue to dedicate tremendous resources to cybersecurity and remain focused on a variety of initiatives to enhance the financial services sector's readiness to detect and combat attacks. Discussions like today's roundtable are crucial to forming the necessary partnerships between the public and private sector to mitigate the multitude of cyber threats and risks facing our country," said Kenneth E. Bentsen, Jr., president and CEO of SIFMA.

The cybersecurity roundtable focused on ways in which the financial services industry is helping to develop the tools necessary for mitigating the risks posed by cyber hacktivists, criminals, and terrorists.  The discussion focused around the industry's work, the cybersecurity workforce, trends, investments, technologies and critical infrastructure, and next steps.

A recent study prepared by PwC reveals that "attacks on retail and consumer companies skyrocketed 154% in 2015 from the previous year, and compromise of customer records soared 27%."

As individuals, critical infrastructure, cities, states, and the nation as a whole grapple with a multitude of potential threats - running the spectrum from identity theft to the theft of personal data from a range of companies, universities, health care providers and government agencies and the recent theft of funds via the SWIFT network, it is a fact cybersecurity is one of our nation's most pressing challenges. 

SIFMA will host another roundtable in this series on June 23 on Biotech Finance.