Large Banks, FS-ISAC Form New Cyber Resilience Center

The Financial Services Information Sharing and Analysis Center today announced a new Financial Systemic Analysis and Resilience Center. Formed by eight large banks, the FSARC will collect, identify, analyze and coordinate responses to systemic risks posed by cyber threats. The center’s activities will complement the ongoing information sharing activities of FS-ISAC and enhance public-private collaboration on cybersecurity.

Leaders at Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo began discussing how they could enhance the cyber resilience of the U.S. financial system earlier this year, resulting in the FSARC, which will remain affiliated with FS-ISAC.

“The challenges associated with cyber-attacks and the financial fraud stemming from such incidents are bigger than any one institution, and this is something the financial sector must face together. We are stronger and more resilient when we work collectively to understand the evolving tactics of cyber adversaries and to deepen the layers of defense against such attacks,” said FS-ISAC President and CEO Bill Nelson. “Today marks another important step in making sure the financial industry is addressing these challenges head on.”