The Financial Services Information Sharing and Analysis Center (FS-ISAC) is teaming up with Europol’s European Cybercrime Centre (EC3) to combat cybercrime within Europe’s financial services sector.
Through this memorandum of understanding, they will facilitate and enhance the law enforcement response to financially motivated cybercriminals targeting banks or other financial institutions through a symbiotic intelligence sharing network, it states.
Its goal is to nurture a pan-European approach to intelligence sharing, improving the cross-border cooperation to improve detection, prevention, and reduction of cybercrime. Alongside this, it will facilitate information sharing and enable education and resilience through training exercises and informational summits.
Cyberattacks are a big problem for all industries around the world, and attacks show no signs of slowing. A study from Clearswift states that 70% of UK finance firms were victims of an incident in the past year, while Bearing suggests that 130,000 small business in the UK (around two-thirds of SMEs in the country) were hit by an external attack last year.
EC3 head Steven Wilson said, “Cybercriminals are increasingly targeting financial services and institutions to the cost of citizens and businesses across the EU. It is crucial to bring key stakeholders around the table to improve the coordinated response; this MOU with FS-ISAC builds a platform to allow us do exactly that.”
FS-ISAC managing director Ray Irving said, “Accelerated global digitalization combined with the growing sophistication of cybercriminals demands a more concerted approach from both the public and private sector. Through a collaborative peer-to-peer network, FS-ISAC and EC3 are enabling intelligence sharing to better safeguard the global financial system.”
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