Financial Services Sector Signs Cybersecurity Research Agreement With NIST, DHS

  • Dec 14, 2010

The National Institute of Standards and Technology (NIST) has joined in a new public-private partnership to spur cybersecurity innovation in the financial services sector. Through a memorandum of understanding signed on Dec. 6, NIST, the Department of Homeland Security Science and Technology (S&T) Directorate and the Financial Services Sector Coordinating Council agreed to work together to speed the application of research into practice for better cybersecurity for the critically important financial services sector.

The organizations plan to leverage their core cybersecurity expertise, research and development capabilities and other resources to explore the benefits of new cybersecurity technologies and develop new processes that benefit critical financial services functions. Outputs of this collaborative research also are expected to be applicable to health care and Smart Grid cybersecurity needs.

Nearly all modern financial services—banking and credit card transactions, insurance, trading and funds management, and many other business and consumer financial activities -- are delivered online to all parts of the economy and society. Online services are also integral to international commerce. Both the public and private sectors have vital interests in securing financial services against threats.

The three members of the partnership have complementing capabilities:

  • NIST's Information Technology Laboratory advances the state of the art in information technology and cybersecurity through innovations in mathematics, statistics and computer science and conducts research to develop the measurement and standards infrastructure for emerging information technologies and applications. Working with industry, other government agencies and academia, the institute accelerates the development of and deployment of IT systems that are reliable, usable, interoperable and secure.
  • The Financial Services Sector Coordinating Council -- whose members include banks, credit unions, insurance companies, payment services, trading firms and others -- supports research and development initiatives to protect the physical and electronic infrastructure of the banking and finance sector and to protect its customers by enhancing the sector's resilience and integrity.
  • The S&T Directorate is the Department of Homeland Security's research and development arm. Among its priorities, S&T conducts -- in cooperation with other Federal agencies, state, local, and tribal governments, universities, and private industry -- cybersecurity research and development to secure the Nation's current and future cyber and critical infrastructures.

The groups will develop and implement use cases and the supporting test plans to facilitate high assurance network infrastructures, advanced identity management technologies and improved usability of security technologies.

 

Featured

  • Maximizing Your Security Budget This Year

    Perimeter Security Standards for Multi-Site Businesses

    When you run or own a business that has multiple locations, it is important to set clear perimeter security standards. By doing this, it allows you to assess and mitigate any potential threats or risks at each site or location efficiently and effectively. Read Now

  • Survey: 72% of CISOs Are Concerned Generative AI Solutions Could Result In Security Breach

    Metomic recently released its “2024 CISO Survey: Insights from the Security Leaders Keeping Critical Business Data Safe.” Metomic surveyed more than 400 Chief Information Security Officers (CISOs) from the U.S. and UK to gain deeper insights on the state of data security. The report includes survey findings on various cybersecurity issues, including security leaders’ top priorities and challenges, SaaS app usage across their organization, and biggest concerns with implementing generative AI solutions. Read Now

  • New Research Shows a Continuing Increase in Ransomware Victims

    GuidePoint Security recently announced the release of GuidePoint Research and Intelligence Team’s (GRIT) Q1 2024 Ransomware Report. In addition to revealing a nearly 20% year-over-year increase in the number of ransomware victims, the GRIT Q1 2024 Ransomware Report observes major shifts in the behavioral patterns of ransomware groups following law enforcement activity – including the continued targeting of previously “off-limits” organizations and industries, such as emergency hospitals. Read Now

  • OpenAI's GPT-4 Is Capable of Autonomously Exploiting Zero-Day Vulnerabilities

    According to a new study from four computer scientists at the University of Illinois Urbana-Champaign, OpenAI’s paid chatbot, GPT-4, is capable of autonomously exploiting zero-day vulnerabilities without any human assistance. Read Now

Most   Popular

Featured Cybersecurity

Webinars

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises. 3

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles. 3

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening. 3