The Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced the establishment of the Financial Systemic Analysis & Resilience Center (FSARC.) The FSARC's mission is to ‘proactively identify, analyze, assess and coordinate activities to mitigate systemic risk to the US financial system from current and emerging cyber security threats through focused operations and enhanced collaboration between participating firms, industry partners, and the US Government’.
Earlier this year, the CEOs of eight banks – Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo – came together to proactively identify ways to enhance the resilience of the critical infrastructure underpinning much of the US financial system. The result is the creation of the FSARC. The FSARC leverages the expertise of participating banks' information/cyber-security teams with that of its government partners, including the Department of Treasury, the Department of Homeland Security and the Federal Bureau of Investigation.
The FSARC is affiliated with FS-ISAC and complements the mission of FS-ISAC, which results in better intelligence for the entire financial sector.
"The challenges associated with cyber-attacks and the financial fraud stemming from such incidents are bigger than any one institution, and this is something the financial sector must face together. We are stronger and more resilient when we work collectively to understand the evolving tactics of cyber adversaries and to deepen the layers of defense against such attacks," said Bill Nelson, President and CEO, FS-ISAC. "Today marks another important step in making sure the financial industry is addressing these challenges head on."