Banks Expand Security Efforts to Battle Cybercrime
Cyber threat intelligence is strongest when it is shared across industries. By combining knowledge and communication around common risks, industries both big and small can better mitigate their vulnerabilities and improve response times to cyber incidents. And although much security focus has been around physical assets (airlines, trains, etc.), one of the most critical industries in the fight against cybercrime is, in fact, banks. With worldwide economies involved and billions of pieces of personal data stored (from social security numbers to bank accounts), banks absolutely must maintain a solid defense against cyber threats. Now, banks across the United States are banding together to form one of the largest cyber threat intelligence collectives.
It was reported recently that eight of the largest U.S. banks have formed a coalition to fight and defend themselves from cyber threats. This group includes JP Morgan Chase and Bank of America, but the rest of the members have still yet to be revealed. Either way, JP Morgan Chase & Co. is a particularly noteworthy member due to a recent announcement that they plan on spending some $600 million dollars on cybersecurity in 2016 alone. This comes on the heels of multiple attacks in both 2012 and 2015 that resulted in large data losses.
The concept behind the arrangement is that large banks have a unique set of vulnerabilities, and some of the best information in terms of cybersecurity should come from within the industry itself. By sharing information and promoting concepts that have been successful for other banks, an evolving knowledge platform could help lead the fight against cybercrime. The U.S. government promotes this type of cooperation with the adaptation of things like the Cybersecurity Information Sharing Act passed in 2015. The act was designed to improve the ease of information sharing, and it appears to be a key catalyst behind this most recent partnership of cyber threat intelligence sources.
Collaboration is vital in the world of cybersecurity, but trust is the important link that determines the success or failure in this type of venture. With large banks grouping together, it is likely that the data issues and risks that each face are relatively similar. This will allow them to focus on issues that could have a significant impact across the industry and hopefully stay ahead of emerging cyber issues. Platforms for information sharing and cyber threat intelligence sources are key components of NC4 Mission Center™. By assisting in the flow of information, NC4 can help to promote ideas that work, and highlight threats as they evolve. Contact NC4 today at 877-624-4999, or feel free to email us for more information at info@NC4.com.
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