The FS-ISAC cyber intelligence sharing community announced that the global cyber intelligence sharing between its member financial firms increased by 60% between August 2020 and August 2021, due to supply chain threats and to ransomware.
2021 has seen a worrying increase in supply chain threats and ransomware, with large-scale, high-profile attacks such as Kaseya and Colonial Pipeline across the globe targeting large companies along various supply chains. Under the threat of this upsurge in attacks, many institutions have begun to invest more in intelligence sharing and collaboration to thwart evolving threats.
Large-scale threats have led to record peaks in intelligence sharing in all regions: North America; Latin America; Europe, UK, Middle East and Africa; and Asia-Pacific.
To increase global collaboration and encourage the development of cybersecurity talent, FS-ISAC launched its Global Leaders Awards. This year, cybersecurity professionals from American Express, Banco Falabella Chile, Australian AGI and UBS were recognized with the award for their outstanding efforts in sharing cyber intelligence.
âWith the increase in sophisticated cross-border cybercrime campaigns against the financial industry and its supply chain, global industry-wide collaboration has become a risk management imperative,â said Steven Silberstein, CEO of FSISAC. âThe sharing of information and best practices within our community and across our platforms has reached new heights, fueled by the high profile events of the past 12 months. We applaud those members who go above and beyond to protect the financial system as a whole. “
âAmerican Express is deeply interconnected with other players in the global financial system,â said Fred Gibbins, chief information security officer at American Express.
âWe believe it is our core responsibility to share information and best practices with our peers to help the industry protect and defend against emerging cyber threats. We are honored to be recognized by FS-ISAC and appreciate the collaboration between all members for our collective protection.
âIn Latin America, we benefit from information shared by global companies based in the United States and Europe as well as our neighboring countries,â said Juan Carrasco, cybersecurity manager at Banco Falabella Chile.
âBy monitoring attacks in Argentina and Brazil, we were able to predict and thwart a cyber attack in Chile. This attests to the power of cross-border intelligence sharing in mitigating cyber risks. “
Membership appointments took place from the last week of March to June 30. Nominations were reviewed by the Global Intelligence Office of FS-ISAC for impact and quality of contributions and were narrowed down to three finalists per region. The FS-ISAC Board of Directors, made up of CISOs from leading financial firms around the world, voted for one winner from each region.
“Meaningful threat intelligence gives our security team at IAG an edge over attackers and reduces cyber risk,” said Craig Hall, Head of Threat Analysis Cell at IAG.
âRecently we were able to identify a threat actor who methodically attacked Australian financial institutions in alphabetical order throughout the day. By sharing the criminal’s tactics, members across the region knew when they were likely to be hit and therefore were able to defend themselves against attack.
âAs a global company, UBS monitors the global cybersecurity landscape to proactively detect and mitigate risk,â said Corsin Camichel, Regional Head of Cyber ââThreat Intelligence at UBS.
âSharing information and best practices with our regional peers and counterparts is essential to stay ahead of emerging cyber threats. I am honored by this award and will continue to share with my colleagues and peers around the world.
In addition to helping detect and prevent cyber attacks, sharing by large market-based financial institutions with tighter and more comprehensive regulation helps strengthen the cybersecurity programs of smaller and less resourced businesses around the world. whole, for the benefit of the entire financial ecosystem.