J.P.Morgan, Goldman Sachs and others partner over cybersecurity

11 August 2016

Eight largest financial institutions in the US are uniting their efforts to fight off the threat posed by the cybercriminals in the sector. The US banks partnering over the new initiative include J.P. Morgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc. The united group of banking giants expect the new alliance will provide more opportunities for sharing the information among each other for better addressing the cyber-attack problem.

Among other issue on the agenda of the united group there are also joint programs for responding to the attacks and training games for the financial institutions to simulate and develop the security scenarios.

Previous year statistics showed that the financial industry came to the third position of sectors by the number of cyberattacks. The first two were healthcare and production. Information of 76 million consumers was compromised two years ago at the largest US bank due to the actions of cybercriminals.

While the US government adopted Cybersecurity Information Sharing Act at the end of the last year, banks continue increasing their efforts in ensuring higher protection for themselves, expressing their concern over the federal law which, in their opinion, cumber their operation with excessive bureaucracy at the time when they are investing heavily into cybersecurity and information sharing within the industry.

US banks remain concerned that they are unveiling too much data to the governmental agencies while they get too little in return from the government about possible cybersecurity risks and developments.

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