An American Bankers Association committee has revised a policy statement on information security in hopes of ensuring a strong role for the industry in government and regulatory deliberations.

The association's Information Security Infrastructure Working Group released the "Information Protection Policy" on Tuesday in conjunction with a meeting of the American National Standards Institute X9F committee, which the ABA administers.

Among the recommendations are that banks be relied upon to create a minimally regulated, competitive market for electronic authentication services and that all standards processes, including the government's, be "transparent and open" with "full participation of the private sector."

"We believe that bankers with information risk and security expertise are the group best able to determine what constitutes commercially reasonable security for financial institutions," said Kawika Daguio, ABA's payment system and technology policy consultant.

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