Banks Come Together to Share Cyber Defense Information
January 12, 2012 6:40 PM
comment(s) - last by
financial companies are expected to increase spending on fraud detection by 12 percent, or $1 billion over the next two years
After a number of corporate and government-related cyber attacks occurred throughout 2011, many have called for
greater transparency on the topic of cyber security
. In other words, federal agencies need to share what they know with certain others in order to prevent such criminal activity from happening again. Now, banks are taking this advice to heart as well by coming together and sharing cyber information.
Morgan Stanley and Goldman Sachs Group Inc. officials are planning to meet with Polytechnic Institute of New York University researchers this month to collaborate on a potential solution for cyber threats. The solution is a new center that would sort through bank data to identify possible cyber threats.
Bank of America is also making security efforts of its own by bringing experts from other banks to quarterly roundtables to openly talk about cyber defenses.
The act of banks coming together to discuss the matter of security is not a new idea, but a fairly new practice. In 1998, former U.S. President Bill Clinton required public and private sectors to work together to protect critical infrastructure. This led to the creation of an industry group called the Financial Services Information Sharing and Analysis Center, which was made to bring banks together. However, banks didn't actually start making an effort to share information until recently.
"The mentality of banks has been, 'Let's do everything internally because we don't want to give anything away," said Peyman Mestchian, managing partner with Chartis Research in London.
But Bank of America put it best when saying that hackers are collaborating, and so must the banks. According to Avivah Litan, analyst with Gartner Research, financial companies are expected to increase spending on fraud detection by 12 percent, or $1 billion over the next two years.
This need for shared information echoes
ex-Marine Corps General James Cartwright
former CIA/NSA head Michael Hayden
, who both called on federal agencies to quit keeping cyber information confidential from public and private industry.
The Wall Street Journal
This article is over a month old, voting and posting comments is disabled
Get rid of banks
1/14/2012 12:03:31 AM
Banks and money concept should just dissapear altogether and embrace a global RBE approach, our world is doomed on the current path.
"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
New Bill Urges U.S. Intelligence Agencies to Share Cyber Threat Info with Private Sector
December 1, 2011, 1:04 PM
Ex-Marine Corps General: We've Got to Step Up Our Cyber Security Game
November 7, 2011, 11:18 AM
Former CIA/NSA Head: Cyber Security Threats "Horribly Over-Classified"
October 7, 2011, 11:35 AM
Mt. Gox CEO Refuses to Come to the U.S. in Financial Crimes Probe
April 16, 2014, 3:50 PM
Mark Zuckerberg: Facebook Home Reception Slower than Expected, Social Graph Will Pick Up
April 16, 2014, 2:00 PM
FBI's Facial Recognition Database to Have 52 Million Criminal, Non-Criminal Photos by 2015
April 15, 2014, 2:56 PM
Microsoft's Anti-Google "Scroogled" Campaign May Have Ended
April 15, 2014, 2:44 PM
FAA Requiring All Flights to Have GPS Tracking System by 2020
April 15, 2014, 1:25 PM
Google Updates Terms of Service to Disclose Email Scanning for Targeted Ads
April 15, 2014, 9:29 AM
Most Popular Articles
Cities to Carpoolers: Sharing Your Car is Illegal, We Will Seize Your Cars
April 4, 2014, 9:17 PM
Taiwan's AOU Claims to Have World's Highest-Res. OLED Smartphone Display
April 11, 2014, 1:44 PM
iPad Exploiter is Freed by Federal Appeals Court
April 11, 2014, 7:40 PM
It's Very Likely Neanderthals and Humans Had Sex, Produced Offspring
April 10, 2014, 8:40 PM
Cops at Historically Troubled LAPD are Sabotaging Digital Recording Devices
April 9, 2014, 11:10 PM
Latest Blog Posts
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information