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U.S. banking group forms unit aimed at reducing cyber risk

Reuters
A padlock is displayed at the Alert Logic booth during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker (Reuters)

(Reuters) - The Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group, said on Monday it had formed a unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system.

The new unit, known as the Financial Systemic Analysis & Resilience Center (FSARC), will proactively identify, analyze, and coordinate activities using more sophisticated techniques, the FS-ISAC said in a statement. (http://bit.ly/2enoimt)

The FSARC is the result of a meeting this year involving the six biggest U.S. banks plus custody banks State Street Corp and Bank of New York Mellon Corp, the FS-ISAC said. The FS-ISAC has more than 7,000 industry members.

(Reporting by Sudarshan Varadhan in Bengaluru; Editing by Ted Kerr)