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Mitigating cyber risks through information sharing

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  • Korte, Jeffrey

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 Paper has been replaced by bytes of data residing in corporate PCs and data centre servers.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.

Suggested Citation

  • Korte, Jeffrey, 2017. "Mitigating cyber risks through information sharing," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 11(3), pages 203-214, November.
    • Handle: RePEc:aza:jpss00:y:2017:v:11:i:3:p:203-214
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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