As cyber attacks increase, the sharing of intelligence between financial services companies creates a united fight against cybercrime.
New research shows that finance companies are increasing their intelligence sharing by 60% as the threat of cybercrime grows.
According to Cyber Intelligence Services Cyber Intelligence Group FS-ISAC, its member companies grew between August 2020 and August 2021. This increase has occurred in all regions, including North America, Europe and the UK.
The company attributed the increase to supply chain and ransomware threats, as well as a number of high-profile, large-scale attacks.
“With the growth of sophisticated frontier cybercriminal activity on the financial sector and its supply chain, sector-wide global cooperation risk management has become urgent,” said FS-ISAC CEO Steven Silberstein.
“Inspired by the highlights of the past 12 months, our community and intellectual partnership and best practice on the platforms have reached new heights. We greatly appreciate the members going beyond and beyond to save the economy.”
In addition to helping detect and prevent cyber-attacks, FS-ISAC claims that sharing with large financial institutions in the markets with strict and extensive control can also reduce the cyber security activities of small or low-resource organizations around the world. It helps to strengthen the overall economy, benefiting the overall economic ecosystem.
Fred Gibbins, American Express Chief Information Security Officer, said: “American Express is deeply involved with other players in the global economy.
“We recognize that it is our key responsibility to share with our peers the intelligence and best practices to help protect and defend the industry from emerging cyber threats.”
The threat posed by cyber attacks has increased significantly over the past few years. One report warns that there will be a 485% increase in ransomware attacks in 2020 and another that there have been 14.6 million ransomware attacks in the UK so far this year.
The cybercrime industry has also matured with competent and skilled bullying actors using proven tools. They are increasingly targeting large companies looking for a big pay day, while financial institutions are being sidelined.
This means that cyber security is a growing concern for financial services. The average bill for a ransomware attack victim in the financial sector is now about $ 2 million. This is on top of the reputation loss caused by data reduction.
As companies allocate more resources to fight cybercrime, coordinating intelligence to effectively protect cybercrime, thereby saving costs.
“Significant threat intelligence can benefit our security team at the IAG and reduce cyber risk,” said IAG’s Threat Analytics Cell Manager at Craig Hall.
“Recently, we were able to identify a dangerous actor who systematically attacked Australian financial institutions throughout the day.
“By sharing the offender’s strategy, members in the area were aware of the potential for harm and were thus able to defend against attacks.”