Financial Services Are Taking Threat Intelligence Seriously
As the number and sophistication of cyber attacks jumps, financial firms are sharing more threat intelligence with each other and competing banks are cooperating more than ever before to beat cyber criminals.
The Financial Services Information Sharing and Analysis Center FS-ISAC, the only global cyber intelligence sharing community solely focused on financial services, has announced that global cyber intelligence sharing among its member financial firms increased by 60% in the period from August 2020 to August 2021, driven by supply chain and ransomware threats.
Large scale threats resulted in record-breaking peaks of intelligence sharing across all regions: North America; Latin America; Europe, UK, Middle East and Africa; and Asia Pacific.To increase global collaboration and encourage cyber security talent development, FS-ISAC launched its Global Leaders awards. This year, cyber security professionals from American Express, Banco Falabella Chile, Australia’s IAG, and UBS were recognised with the award for outstanding cyber intelligence sharing efforts. “With the increase in sophisticated cross-border cyber criminal campaigns against the financial sector and its supply chain, sector-wide global collaboration has become a risk management imperative,” said Steven Silberstein, CEO of FS- ISAC.... Intelligence and best practice sharing across our community and platforms has reached new heights, spurred by the high-profile events of the last 12 months. We commend the members who go above and beyond to protect the financial system at large.”
In addition to helping detect and prevent cyber attacks, data and information sharing by larger financial institutions based in markets with stricter and more comprehensive regulation helps strengthen the cyber security programs of smaller or less resourced firms around the world, benefittng the wider financial ecosystem.
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