A Glimmer of Hope for Cyberthreat Data Sharing

August 16, 2016Media Mention
American Banker

Sharing cyberthreat information is far from easy, but banks are adopting new tools to use strength in numbers to defend against attacks.

Greater involvement by banks in the nonprofit Financial Services-Information Sharing and Analysis Center — founded in 1999 — to communicate threats is a given in the current security environment. But effective sharing among such a large slice of companies (7,000 members are in the group), technological complexities and regulatory hurdles pose challenges.

Banks increasingly now are forming their own subgroups within the FS-ISAC — including one reportedly formed by the eight largest banks and several others — to focus sharing among cliques of peer institutions with common security concerns. Meanwhile, new technology offers hope of banks being able to communicate threats more efficiently to each other, and there is hope for better information-sharing between banks and the government.

"Sometimes threats aren't recognized until after they've been dormant for some time and have come to light," noted Timothy Toohey, a partner at the Los Angeles law firm Greenberg Glusker.

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