Academic journal article ABA Banking Journal

A Joint Approach to Cyber Threats

Academic journal article ABA Banking Journal

A Joint Approach to Cyber Threats

Article excerpt

NOW MORE THAN ever, the world is vulnerable to hacking, phishing, data breaches, malware attacks and denial of service attempts from bad actors and nation states who want to compromise Individual Identification data and wreak havoc on our economy. The banking Industry Is at the forefront of this battle, and we all share a responsibility to shore up our own individual security systems, which In turn will bolster the Industry's overall security posture.

Along with Doug Johnson, ABA's SVP of payments and cybersecurity policy, I have the privilege of co-chairlng a joint ABA/Alliance of State Bankers Associations Cybersecurity Working Group, consisting of senior ABA leaders and nine of my state association peers. This effort is just one example of how the ABA and state bankers associations work together to pursue strategic initiatives on behalf of our respective members.

The Cybersecurity Working Group was developed last fall to identify resources, information and solutions for state associations and ABA to better assist our members in dealing with cyber threats. Recognizing this goal, as well as the need for an industry-wide protective framework, we have worked diligently to provide resources to all state banking associations and their banks through membership with the Financial Services Information Sharing Analysis Center (FS-ISAC).

The FS-ISAC is a nonprofit information sharing forum, established by representatives of the financial services industry in an effort to facilitate the sharing of threat and vulnerability information. The Pennsylvania Bankers Association became an FS-ISAC member in 2014, seizing on an opportunity for members to access to critical cyber information.

Earlier this year, all state banking associations were invited to join

the FS-ISAC for 2015 under a tiered pricing model that would be paid for by ABA. The services provided to the state associations include:

* Access to the FS-ISAC members-only website for four users.

* Crisis notifications: This automated emergency notification service allows the FS-ISAC to reach its membership in a matter of minutes via multiple communication channels (voice, email, pager, SMS text) in the event of a crisis. …

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