US Banks Forms Alliance to Reduce Cyber Attack Risk

The Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group, said on Monday it had formed a unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system.

The new unit, known as the Financial Systemic Analysis & Resilience Center (FSARC), will proactively identify, analyze, and coordinate activities using more sophisticated techniques, the FS-ISAC said in a statement. (bit.ly/2enoimt)

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The FSARC is the result of a meeting this year involving the six biggest U.S. banks plus custody banks State Street Corp and Bank of New York Mellon Corp, the FS-ISAC said. The FS-ISAC has more than 7,000 industry members.