A new way to protect central banks from cyberattacks

A nonprofit set up by the financial services industry is launching a new information sharing group to help central banks, regulators and supervisory entities exchange information about global security and help deter cyberattacks.

The Financial Services Information Sharing and Analysis Center announced June 11 that CERES, which draws it name from central banks, regulators and supervisory entities, will launch July 1.

The CERES Forum will enable central banks, regulators and supervisors to share information about both cyberthreats and regulatory controls. The Forum will allow entities to share best practices related to regulatory controls and gather feedback from industry about effectiveness. Entities will also be able to quickly and securely share information about cyberthreats and incidents that might impact financial services.

The CERES Forum was created in response to increasing cybersecurity threats toward the global financial sector.

“Cyberthreats have become increasingly frequent, complex and sophisticated,” Bill Nelson, FS-ISAC president and chief executive officer, said in a news release. Data breaches and account take-over attacks can harm global payments systems, central banks and regulators, and threaten the international financial system.

In a 2015 survey of central banks by the World Bank, 11 of 14 respondents said they had been the target of cyber attacks.

The new Forum will be separate from the FS-ISAC community and will be designed to ensure member confidentiality. Although operations employees from central banks, regulators and supervisory entities are members of FS-ISAC, the CERES Forum will be created to focus on supervisory and regulatory employees instead.

“Information sharing remains one of the most effective ways to stay ahead of cybercrime,” Nelson said in 2017.

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