News Regulations12 Jun 2018

Global:World's financial regulators set up group to share threat info

| 12 Jun 2018

The Financial Services Information Sharing and Analysis Center (FS-ISAC) yesterday announced the launch of the CERES (CEntral banks, REgulators and Supervisory entities) Forum effective 1 July 2018.

The CERES Forum is a new information sharing group for central banks, regulators and supervisors to share information impacting global security and resiliency. It is the first such global platform bringing together these entities to guard against ever-growing cyber and physical threats and to meet their unique needs.

The Forum will help these entities be more effective in defending against attacks that could impact the global financial services sector and the world’s economies.

“Cyberthreats have become increasingly frequent, complex and sophisticated,” said Mr Bill Nelson, FS-ISAC president and chief executive officer. “The sharing of information and best practices among authorities in a timely way to address the rapidly evolving threats is critical. Today, there is no dedicated forum or system for regulators, central banks and supervisors to share information on cyber and physical threats.

"The CERES Forum will bridge that gap with a platform that facilitates secure sharing of information about threats, vulnerabilities and incidences to stay ahead of crime.”

The new forum is separate from the FS-ISAC community of banks, credit unions, insurance companies, investment companies and other financial institutions, which provides a trusted space for private financial institutions to share information. A new standalone secure portal and processes will ensure FS-ISAC member confidentiality.

This CERES Forum will:

  • Provide a trusted means for central banks, regulators and supervisors to share best practices related to regulatory and compliance controls
  • Gather useful feedback about most effective controls
  • Distribute rapidly information on cyberthreats, vulnerabilities, incidents and other threat intelligence that could impact financial services, including attacks that target central banks, regulators and supervisors themselves.

While employees working in operations from over three dozen central banks, regulators and supervisory entities are already members of FS-ISAC, this is the first time a community is being created to focus on the needs of supervisory and regulatory employee

Singapore's MAS, which collaborated with FS-ISAC to establish an Asia Pacific Regional Intelligence and Analysis Centre in 2017 to encourage sharing and analysis of cybersecurity information between financial institutions in the region, also played a key role in conceptualising the CERES Forum.

The FS-ISAC is a non-profit corporation that was established in 1999 and is funded by its 7,000 member firms headquartered in 44 countries with users in 72 countries. FS-ISAC is a member-driven organisation whose mission is to help assure the resilience and continuity of the global financial services infrastructure and individual firms against acts that could significantly impact the sector’s ability to provide services critical to the orderly function of the global economy.

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