The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.
The financial services sector and private industry are increasingly targeted by complex cyber-attacks. Attacks can have potentially disastrous effects including theft of confidential data, damage to critical infrastructure, and denial of access to customers, shareholders, or investors.
FACT: The White House has recognized the importance and need for increased cyber defense and information sharing through both a policy directive and executive order signed February 12, 2013.
- The Department of Homeland Security (DHS) was given primary responsibility in maintaining awareness and coordinating federal responses to cyber and physical threats.
- DHS will coordinate with sector specific agencies to identify and prioritize risks to infrastructure.
- The National Institute of Standards and Technology will develop a Cybersecurity Framework within the next two years to establish standards, methodologies, and procedures to respond to threats.
FACT: The financial industry has successfully withstood three waves of distributed denial of service (DDoS) attacks beginning in September 2012.
- DDoS attacks involve a flood of electronic traffic from locations around the world to a website intended to slow down or disable an institutions site.
- While DDoS attacks are not designed to steal confidential data or expose sensitive personal information, they inconvenience consumers and businesses attempting to access online services and could be leveraged as a distraction for more harmful attacks.
FACT: Information sharing remains one of the best defenses against cyber-attacks.
- As threats evolve and coordinated attacks take place, the industry must be able to respond in a collective, synchronized approach.
- Membership and collaboration with the Financial Services Information Sharing and Analysis Center and Financial Services Sector Coordinating Council is encouraged by financial regulators, DHS, and the Department of the Treasury.
FACT: Establishing a system where the private and public sectors share and use timely threat intelligence will help America create a more capable and expansive cyber-defense network.
- Protecting the privacy and security of customers is an industry priority. Information shared is limited to data needed to protect from and respond to cybersecurity attacks.
You can view all previous Fast Facts at www.RoundtableResearch.org.
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