Financial industry fears feds' security rules
Corporate legal, business, and IT departments will be involved in implementing the rules, and according to Bill Bradway, an analyst at Meridien Research, in Newton, Mass., "when you add up those collective costs for a big organization, it's clearly in the millions of dollars to get [compliant processes and systems] up and running."
Industry officials are urging regulators to issue the security requirements as guidelines rather than regulations, thereby giving financial institutions flexibility to tailor information security programs to their specific needs.
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