WASHINGTON — A cybersecurity information-sharing group for the financial services industry has moved forward with a plan to create an arm dedicated to combatting threats to the largest banks.
The Financial Services Information Sharing and Analysis Center announced Monday the creation of the Financial Systemic Analysis & Resilience Center — a unit formed by the eight largest U.S. banks to coordinate research on systemic risk to the financial system.
Composed of eight members — Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo — the group will also coordinate with regulators, FS-ISAC said.
"The FSARC leverages the expertise of participating banks' information/cyber-security teams with that of its government partners," including the Department of Treasury, the Department of Homeland Security and the Federal Bureau of Investigation.
Banking regulators last week pushed forward a new plan to impose higher cybersecurity standards on the largest banks and other entities that form the backbone of the financial sector.
Treasury Acting Assistant Secretary Amias Gerety praised the new group's goal to collaborate with regulators.
"[President Obama's] administration and our law enforcement partners welcome the creation of the FSARC and efforts among its members to deepen the identification and analysis of cyber threats and risks, improve response and enhance public-private coordination," he said in a statement. "As cyber threats become more complex and severe, public-private collaboration is essential to effectively prevent, respond to, and recover from cyber incidents."