BPI Statement on 2026 National Cybersecurity Strategy

Source Domain: bpi.com

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Using an unordered list, summarize the following article with between 4 and 8 key points.

Washington, D.C. – The Administration announced a National Cybersecurity Strategy  today outlining six core pillars to strengthen America’s cyber defenses. The strategy prioritizes deterrence, regulatory harmonization, workforce, critical infrastructure protection, emerging technologies and federal procurement. BPI President and CEO Greg Baer responded:

Today’s announcement presents a clear pathway for keeping our nation safe from emerging threats, and banks remain committed partners in this fight. Nation-state cyber intrusions and cybercrime represent significant challenges facing our nation’s critical infrastructure, with cybercrime estimated to be a $10 trillion tax on the global economy. Banks and their government partners are already advancing many of the pillars reflected in this plan, and we look forward to deepening that collaboration with the Administration, the banking agencies and the Office of the National Cyber Director to strengthen the security and resilience of the financial system.

The financial services industry experienced a 109% increase in targeted intrusion attempts in 2024, according to CrowdStrike. These attacks are growing in scale and sophistication, and cyber risk is a top concern for bank leaders, regulators and the broader economy. To safeguard America’s financial system, BPI has advocated for:

Enhanced coordination between banks and regulators. Banks are investing in new solutions and best practices, but they can’t do it alone. Regulators must hold banks and nonbanks to consistent standards. Financial data is only as safe as the weakest link in the chain.

Streamlined regulatory reporting requirements. Banks face more than 10 distinct incident reporting requirements — many with conflicting timelines and definitions.

Reauthorization of critical laws that protect threat-intelligence sharing. Ten years ago, Congress passed the Cybersecurity Information Sharing Act. It removed legal barriers and incentivized cyber threat information sharing, a key tool for defending critical infrastructure. These protections will expire on Sept. 30, 2026. Congress should pass a long-term reauthorization and restore a key resource for strengthening our collective defense against cyberattacks.

Additional BPI Resources:

Mitigate threats and improve security practices to better protect sensitive financial data.

Streamline and align overlapping and duplicative regulatory reporting requirements.

Preserve the liability and antitrust protections to encourage threat-intelligence sharing.

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About Bank Policy Institute.

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.

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