Big Banks Form New Cyber Resilience Center

Eight large U.S. banks designated by the Department of Homeland Security as critical to the U.S. financial system have formed the Financial Systemic Analysis and Resilience Center to facilitate collaboration and information sharing on cyber threats. The center was stood up by the Financial Services Information Sharing and Analysis Center, which will provide initial infrastructure and distribute FSARC materials, but the new center will be self-funding and self-governing. The center’s goals are to enhance information sharing, improve the quality of risk analysis, and strengthen collaboration among the participants. The participating banks are Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo.

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