Mitigating cyber risks through information sharing

Jeffrey Korte

Journal of Payments Strategy & Systems, 2017, vol. 11, issue 3, 203-214

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 Paper has been replaced by bytes of data residing in corporate PCs and data centre servers.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 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/4294/download/ (application/pdf)
https://hstalks.com/article/4294/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2017:v:11:i:3:p:203-214

Access Statistics for this article

More articles in Journal of Payments Strategy & Systems from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().