“Taking an ecosystem view is imperative. Our security work focuses on collaboration between financial services and others to protect the cyber ecosystem – a critical endeavor for the industry, the economy and for national security.”
–Greg Rattray, BITS SVP of Security
Since the onset of online banking, financial institutions have been in the position of a quiet, but vigilant gatekeeper within the cyber community, developing and employing defenses to meet the latest cybersecurity challenges and the newest threats. To do this institutions coordinate cybersecurity efforts amongst themselves, with their regulators and alongside law enforcement. Within critical infrastructure industries, the financial sector is leading initiatives designed to clean up cyberspace, strengthen industry protections and make it safer for us all.
As part of that ongoing work, today BITS released its “Malware Risks and Mitigation Report,” developed by industry and security experts to assist institutions and stakeholders to identify and address malware threats. Malware is malicious computer code designed to infect a computer system, compromise its security controls and steal information, and according to a Symantec Report, approximately one in every 168 emails contained malware in April. Since 1996, financial institutions have collaborated through the BITS Security Program to identify, prepare for and protect against cybersecurity challenges and they continue to share information to strengthen the resilience of the overall cyber community.