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FS-ISAC to Form a Dedicated Group to Deal with Threats to Big Banks

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 (FS-ISAC) announced the creation of the Financial Systemic Analysis & Resilience Center (FSARC) — 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, according to FS-ISAC. 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.

News Characteristics

Date : Oct 24, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk