How Financial Services Information Sharing and Analysis Center is Revolutionizing Cybersecurity

Introduction

The Financial Services Information Sharing and Analysis Center (FS-ISAC) was launched in 1999, as an initiative to promote information sharing and analysis to help detect, prevent, and respond to cyber threats facing the financial services sector. Over the years, FS-ISAC has evolved into a truly collaborative community, comprising of more than 7,000 members from over 60 countries, who share critical threat intelligence, best practices, and actionable threat information to strengthen the cybersecurity posture of the sector.

The Need for Improved Cybersecurity in Financial Services

The financial services industry is a prime target for cybercriminals, given the vast amounts of sensitive client data, personal information, and intellectual property stored and transmitted across networks. In an age of growing cyber threats, it has become clear that the traditional approach of siloed security operations, lack of standardization, and lack of centralization of threat intelligence is no longer sufficient to protect the industry.

FS-ISAC aims to address these gaps by promoting collaboration and information sharing within the financial services community, which can help industry participants better understand the evolving threat landscape, and improve their ability to detect and respond to cyber incidents.

Features and Benefits of FS-ISAC

FS-ISAC offers a range of features and benefits that help the financial services community stay ahead of the evolving cyber threats:

Threat Intelligence

FS-ISAC provides access to a wealth of threat intelligence from various sources, including member-contributed data, industry reports, and government agencies. This information is analyzed by industry experts to produce actionable intelligence that can help members identify and respond to cyber threats in real-time.

Incident Response

FS-ISAC has established robust incident response procedures to help members quickly respond to cyber incidents. The organization also provides support in the form of consulting services and training programs to help members build their own incident response capabilities.

Collaboration

FS-ISAC facilitates collaboration between members, enabling them to share best practices, exchange information, and work together to mitigate cyber threats. The organization also hosts regular industry events and training sessions to promote networking and knowledge-sharing.

Cyber Threat Intelligence Platform

FS-ISAC’s Cyber Threat Intelligence Platform provides a centralized location for members to access and analyze threat intelligence reports. The platform is highly customizable, allowing members to tailor the reports to specific risk profiles, geographic regions, or business units.

Case Studies: How FS-ISAC is Making a Real Difference

FS-ISAC has played a critical role in helping the financial services sector mitigate cyber threats and respond to cyber incidents. Here are a few examples of how FS-ISAC’s collaboration, threat intelligence, and incident response expertise has helped members:

The SWIFT Cyber Heist

In 2016, hackers stole $81 million from the Bangladesh Bank’s account at the Federal Reserve Bank of New York, using fraudulent SWIFT transactions. The attack was just one in a wave of cyber heists that targeted SWIFT users around the world.

FS-ISAC was instrumental in alerting its members to the threat, providing detailed information on the modus operandi of the attackers, and sharing best practices to mitigate the risk of similar attacks. As a result, many members were able to enhance their SWIFT security controls and prevent similar attacks from succeeding.

The North Korean Lazarus Group

The North Korean Lazarus Group is a notorious cybercrime gang that has been responsible for a number of high-profile cyber attacks, including the WannaCry ransomware attack in 2017.

FS-ISAC has worked closely with law enforcement agencies and cyber security firms to track the group’s activities and gather intelligence on its tactics, techniques, and procedures. This intelligence is then shared with FS-ISAC members, enabling them to stay ahead of the threat.

Conclusion: How FS-ISAC is Revolutionizing Cybersecurity

FS-ISAC has emerged as a trusted and effective platform for promoting collaboration, sharing critical threat intelligence, and helping the financial services sector strengthen its cybersecurity posture. By leveraging the collective expertise and knowledge of its members, FS-ISAC has been able to stay ahead of the evolving threat landscape and mitigate cyber risks more effectively. As cyber threats continue to grow in sophistication and scale, FS-ISAC’s role in promoting information sharing and collaboration will become even more critical.