Supply chain and ransomware threats, FS-SAC focus on Finance Industry

Supply Chain and Ransomware Threats Drove 60% Increase in Global Cyber Intelligence Sharing Among Financial Firms

Due to supply chain and ransomware threats, FS-ISAC, the first worldwide cyber intelligence sharing community completely focused on financial services, stated today that global cyber information sharing among its member financial firms grew by 60% from August 2020 to August 2021. Large-scale threats prompted new highs in intelligence cooperation across all regions: North America, Latin America, Europe, the United Kingdom, the Middle East, and Africa, and Asia Pacific.

The FS-ISAC Worldwide Leaders awards were created to promote global collaboration and cybersecurity talent development. This year’s prize went to cybersecurity professionals from American Express, Banco Falabella Chile, Australia’s IAG, and UBS for their excellent efforts in cyber intelligence sharing.

“With the rise of sophisticated cross-border cyber criminal campaigns targeting the financial sector and its supply chain, sector-wide global collaboration has become a risk management imperative,” said FSISAC CEO Steven Silberstein. “As a result of the high-profile events of the last 12 months, intelligence and best practice sharing across our community and platforms has reached new heights. We applaud members that go above and above to safeguard the financial system as a whole.”

According to Fred Gibbins, American Express’s Chief Information Security Officer, “American Express is deeply interconnected with the other players in the global financial system.” “We believe it is critical that we share intelligence and best practices with our peers to assist the industry in defending and protecting itself against emerging cyber threats. We are happy to be acknowledged by FS-ISAC, and we thank all of the members’ cooperation in ensuring our collective safety.”

“In Latin America, we benefit from intelligence shared by global US and European firms as well as our neighbors,” Juan Carrasco, Head of Cybersecurity at Banco Falabella Chile, explained. “We were able to predict and thwart a cyber attack in Chile by monitoring attacks in Argentina and Brazil. This demonstrates the value of international intelligence sharing in reducing cyber risk.”

Nominations for members were accepted from the last week of March to June 30. The Global Intelligence Office of FS-ISAC assessed nominations for impact and quality of contributions before narrowing them down to three finalists per region. One winner was chosen from each region by the FS-ISAC Board of Directors, which is made up of CISOs from top financial firms around the world.

IAG’s Threat Analytic Cell Manager, Craig Hall, stated, “Meaningful threat intelligence gives our security team at IAG an advantage over the attackers and reduces cyber risk.” “Recently, we were able to identify a threat actor who, throughout the day, attacked Australian financial institutions in alphabetical order. Members throughout the region were able to defend themselves against attacks by discussing the criminal’s tactics.”

Corsin Camichel, Cyber Threat Intelligence Regional Lead at UBS, said, “As a global firm, UBS monitors the global cybersecurity landscape to proactively detect and mitigate risks.” “Keeping ahead of emerging cyber threats requires sharing intelligence and best practices with our peers and regional counterparts. This award means a lot to me, and I’ll keep sharing it with my colleagues and peers all around the world.”

Sharing by larger financial institutions based in markets with stricter and more comprehensive regulation not only helps detect and prevent cyberattacks, but it also helps strengthen the cybersecurity programs of smaller or less resourced firms around the world, benefiting the entire financial ecosystem.

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