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FS-ISAC launches program to bolster financial sector’s supply chain security

FS-ISAC, the global cyber intelligence sharing community solely focused on financial services announced today the launch of its Critical Providers Program designed to strengthen the security of the financial sector’s supply chain.

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Mon, 24 Jan 2022
FS-ISAC launches program to bolster financial sector’s supply chain security
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Akamai Technologies joins the Critical Providers Program as founding member to help facilitate a two-way dialogue with the financial sector about threat intelligence and cyber criminal tactics.

As critical service providers increasingly host, connect and protect a substantial percentage of financial institutions’ infrastructure, FS-ISAC created the program to foster continuous collaboration and information sharing between its member firms and their providers. The program is designed to bolster the industry’s protections and preparedness against sophisticated cyber threats.

As financial services adopt new technologies to evolve the way these operate and serve customers, critical providers have become both an important ally to the industry and a target for cyber criminals, according to Teresa Walsh, global head of intelligence of FS-ISAC.

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“The program will ensure our members efficiently receive accurate and timely security information from their critical providers.

"In the event of a large-scale incident, this will empower our members to act and/or remediate expeditiously, while arming them with the pertinent information to brief key stakeholders," Walsh said.

During a large-scale cyber incident or threat involving the sector and its critical providers, the program will leverage FS-ISAC’s dedicated communication channels to expedite the dissemination of accurate information necessary to address the immediate risks and keep the industry safe.

Dr Boaz Gelbord, chief security officer at Akamai, said being a founding member of the program is an honour.

“We are looking forward to sharing what we are seeing from the unique vantage point of our globally distributed edge platform, listening to the members’ experiences, and collaborating on ways to mitigate current and future risks.

"We are honoured to be a founding member of this important program and applaud FS-ISAC for taking a leadership role in facilitating direct communication between critical providers and the financial sector,” Gelbord concluded.

[Related: New research reveals over 40bn records were exposed worldwide in 2021]

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