Joint effort with FBI targets cyberthreats

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David X. Martin

The Center for Financial Stability and the FBI are joining forces to help executives at money management firms and asset owners assess the risk of cyberattacks.

The effort, conducted through CFS' vulnerabilities working group, allows those executives to share data and experiences involving cyberattacks, ranging from national security threats and dangers to financial institutions to crisis management techniques, said David X. Martin, special counselor at the New York-based think tank and co-chairman of the working group.

Leo Taddeo, special agent in charge of the FBI special operations/cyber division in New York, will lead the effort along with Mr. Martin.

Asset owners and money managers “are clamoring for” more information on how to ward off cyberattacks, Mr. Martin said. “There's been a lack of sharing of data and experiences among senior management (of institutional investors), and the idea of this is to get people together to talk about the threats.”

The first meeting was held in New York on June 12. Other meetings, which are free to attendees, have not yet been scheduled. Each will be up to two hours long.

“It's a whole new approach to cybersecurity,” Mr. Martin said. “Cybersecurity is a risk that's managed, not eliminated. A "hard shell' strategy around a financial institution won't work.”

Further information is on the CFS' website at www.centerforfinancialstability.org.

This article originally appeared in the July 7, 2014 print issue as, "Joint effort with FBI targets cyberthreats".