The Financial Services Information Sharing and Analysis Center entered into an arrangement with the Federal Reserve Banks to provide direct access to FS-ISAC security threat information to over 10,000 of their financial institution customers.
Under the terms of the agreement, FS-ISAC will allow Federal Reserve Banks to provide their customers with access to the Weekly Risk Summary. The report provides a high-level summary of significant security threats, identifies the risk to community institutions, and suggests actions that these organizations can take to remediate the risks.
“Over the past 18 months, FS-ISAC has made a substantial investment in staff, programs, and services designed specifically for community institutions. Some of these include our Community Institution Council, Payments Risk Council, Broker Dealer Council, risk reports, crisis playbooks, simulation exercises, workshops, and of course the platforms and processes to enable member to member information sharing,” says Bill Nelson, president and CEO, FS-ISAC. “This arrangement with the Federal Reserve Banks broadens the reach of FS-ISAC.”
The FS-ISAC announcement indicated further details of the arrangement will be provided soon.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a nonprofit corporation established in 1999 and funded by its member firms. The FS-ISAC is a member-driven organization whose mission is to help assure the resilience and continuity of the global financial services infrastructure and individual firms against acts that could significantly impact the sector’s ability to provide services critical to the orderly function of the global economy.
The FS-ISAC shares threat and vulnerability information, conducts coordinated contingency planning exercises, manages rapid response communications for both cyber and physical events, conducts education and training programs, and fosters collaborations with and among other key sectors and government agencies.