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Mitigating cyber risks through information sharing
Journal of Payments Strategy & Systems,
11
(3),
203-214
(2017)
Abstract
The financial services sector has come a long way since the days of handwritten receipts and volumes of general ledger books. Paper has been replaced by bytes of data residing in corporate PCs and data centre servers. Malicious actors no longer arrive through the front doors of a financial institution to steal; rather, they leverage technology to identify and exploit vulnerabilities to attack people and machines to steal confidential information and line their own pockets. The increase of cyber attacks and regulatory cyber security requirements, combined with the limited resources of smaller institutions has created an opportunity for such institutions to proactively remediate threats before they can do harm. This paper shows how information sharing among a community of nearly 7,000 participants has proven to be a vital component in an institution’s information security management system and can enable an institution to adhere to regulatory guidelines and strengthen the maturity of its cyber security programme.
Keywords: cyber security; cyber attacks; banking regulations; information sharing; Financial Services Information Sharing and Analysis Center; compliance; Sheltered Harbor; Cybersecurity Information Sharing Act 2015; information security management system
The full article is available to subscribers to the journal.
Author's Biography
Jeffrey Korte is a security practitioner with more than 24 years’ experience across the financial services sector and 10 security domains. As a former community bank security and information security officer, he has specialised in developing loss prevention and cyber security programmes, identifying, designing and executing new initiatives to optimise operations, while reducing monetary loss through full-bodied cross-channel, layered security fraud, loss prevention and physical security safeguards. During his tenure as bank chairperson for the Oregon Banker’s Association Security Taskforce, he received the President’s Award for elevating overall security standards for financial institutions within the state.
