Central banks and regulators are to share information and intelligence on emerging cyber-threats through a new forum established under the aegis of the Financial Services Information Sharing and Analysis Center (FS-ISAC).
FS-ISAC was established in 1999 to share threats and vulnerability information among its 7000-strong community of banks, credit unions, insurance companies, investment companies and other financial institutions.
The new Ceres (CEntral banks, REgulators and Supervisory entities) group will have its own distinct portal to guard against attacks that could impact the global financial services sector and the world’s economies.
The initiative was conceptualised by the Monetary Authority of Singapore, which collaborated with FS-ISAC to establish an Asia Pacific Regional Intelligence and Analysis Centre in 2017.
Ceres members will use the new global platform to advise on best practice guidelines and distribute information on cyberthreats, vulnerabilities, incidents and other threat intelligence that could impact financial services, including attacks that target central banks, regulators and supervisors themselves.
While employees working in operations from over three dozen central banks, regulators and supervisory entities are already members of FS-ISAC, this is the first time a community is being created to focus on the specific needs of supervisory authorities.
Bill Nelson, FS-ISAC president and chief executive officer, says: “The sharing of information and best practices among authorities in a timely way to address the rapidly evolving threats is critical. Today, there is no dedicated forum or system for regulators, central banks and supervisors to share information on cyber and physical threats. The CERES Forum will bridge that gap with a platform that facilitates secure sharing of information about threats, vulnerabilities and incidences to stay ahead of crime.”