The Financial Services Information Sharing and Analysis Center (FS-ISAC) said Monday it has established a cyber unit, called the Financial Systemic Analysis & Resilience Center (FSARC.)
The FSARC’s mission is to proactively identify, analyze, assess and coordinate activities to mitigate systemic risk to the U.S. financial system from current and emerging cyber security threats through focused operations and enhanced collaboration between participating firms, industry partners, and the U.S. Government, according to FS-ISAC.
The FSARC’s activities will continue enhancement and effectiveness of information exchange, sharing of greater sophisticated analysis techniques, and closer collaboration between large U.S. financial services firms and U.S. government agencies, including the Department of Treasury, the Department of Homeland Security and the Federal Bureau of Investigation and will leverage existing FS-ISAC controls to ensure the protection of private information, said FS-ISAC.
Earlier this year, the CEOs of eight banks – Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo – came together to proactively identify ways to enhance the resilience of the critical infrastructure underpinning much of the U.S. financial system. The result is the creation of the FSARC.
“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 prepared statement.