Texas House Bill HB904

Texas 2019 - 86th Regular

Caption

Relating to requiring The University of Texas at San Antonio to conduct a study regarding cyber attacks against financial institutions in this state.

Impact

The findings from this study are intended to enhance the security protocols of financial institutions across Texas. By requiring a detailed examination of cyber risks, as well as best practices for prevention, the bill aims to strengthen the overall resilience of the state's financial infrastructure. Furthermore, the study is expected to lead to informed recommendations that could result in amendments to existing state laws or the implementation of new regulations related to cybersecurity and financial security measures.

Summary

House Bill 904 mandates The University of Texas at San Antonio to conduct a comprehensive study on cyber attacks targeting financial institutions in Texas. The study is designed to assess the prevalence, impact, and vulnerability of these institutions to cyber threats while also identifying necessary projects and recommendations for improving cybersecurity infrastructure. Moreover, it emphasizes the importance of cooperation between financial institutions and the university to gather essential data for the study.

Contention

While the bill is primarily a proactive measure to address the increasingly significant threat of cyber attacks, it may raise discussions around the balance of privacy and data sharing between financial institutions and regulatory bodies. Supporters argue that the increased scrutiny of cybersecurity could lead to better protection for consumers and institutions alike. However, there could be concerns about the implications of mandated cooperation and data disclosure, which some stakeholders in the financial sector may view as intrusive or burdensome.