The Financial Services Information Sharing and Analysis Centre (FS–ISAC) has launched what it calls the Financial Systemic Analysis & Resilience Centre (FSARC). While FS-ISAC is primarily about sharing threat intelligence between banks and other financial institutions, FSARC will provide a more strategic analysis and identification of emerging threats to help mitigate systemic cyber threats. Those results will be shared through the existing FS-ISAC structure.
FSARC is the brainchild of CEOs from eight leading banks who came together to discuss ways to improve the resilience of the financial services infrastructure. The banks concerned are Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo.
Information about how FSARC will operate is limited and provides only a high level overview. “The challenges associated with cyber-attacks and the financial fraud stemming from such incidents are bigger than any one institution, and this is something the financial sector must face together. We are stronger and more resilient when we work collectively to understand the evolving tactics of cyber adversaries and to deepen the layers of defense against such attacks,” said Bill Nelson, President and CEO, FS-ISAC in a recent statement.
FS-ISAC shares threat intelligence with its members, and does so anonymously if required by the members concerned. It receives intelligence from US government agencies such as the Department of Treasury, the Department of Homeland Security and the Federal Bureau of Investigation; but will only share with them if approved by the member. FSARC is likely to increase this relationship with government agencies ; but it says it will maintain the existing structure and methods for disseminating information.
“FSARC is a long-term strategic initiative that performs deep analyses of systemic cyber risk across financial products and practices. Findings and adaptable mitigation strategies will be shared across the financial sector through FS-ISAC and its membership,” explains FS-ISAC in a statement.
“At the heart of what FS-ISAC provides is a platform that enables collaboration. This new resilience center takes all that works well from FS-ISAC and combines it with longer range perspective and planning, paving the way for more proactive and preventative measures”said Corvil’s Graham Ahearne
“Financial services fuel the engine of our economy,” he said, “and bold steps need to be taken in order to assure this engine is protected and resilient. This new initiative takes a promising step in that direction”he noted.