Financial Services Sector Signs Cybersecurity Research Agreement With NIST, DHS

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

  • Live From ISC West: Day 2 Recap

    If it’s even possible, Day 2 of ISC West in Las Vegas, Nevada, was even busier than the first. Remember to keep tabs on our Live From ISC West page for news and updates from the show floor at the Venetian, because there’s more news coming out than anyone could be expected to keep track of. Our Live From sponsors—NAPCO Security, Alibi Security, Vistacom, RGB Spectrum, and DoorKing—kept the momentum from Day 1 going with packed booths, happy hours, giveaways, product demonstrations, and more. Read Now

    • Industry Events
    • ISC West
  • Visiting Sin City

    I’m a recovering alcoholic, ten years sober this June. I almost wrote “recovered alcoholic,” because it’s a problem I’ve long since put to bed in every practical sense. But anyone who’s dealt with addiction knows that that part of your brain never goes away. You just learn to tell the difference between that insidious voice in your head and your actual internal monologue, and you get better at telling the other guy to shut up. Read Now

  • On My Way Out the Door

    To answer that one question I always get, at every booth visit, I have seen amazing product technology, solutions and above all else, the people that make it all work. Read Now

    • Industry Events
    • ISC West
  • Return to Form

    My first security trade show was in 2021. At the time, I was awed by the sheer magnitude of the event and the spectacle of products on display. But this was the first major trade show coming out of the pandemic, and the only commentary I heard was how low the attendance was. Two representatives from one booth even spent the last morning playing catch in the aisle with their giveaway stress balls. Read Now

    • Industry Events
    • ISC West

Featured Cybersecurity

New Products

  • PDK IO Access Control Software

    PDK.IO Access Control Software

    ProdataKey now allows for "custom fields" within the interface of its pdk.io software. Custom fields increase PDK's solutions' overall functionality by allowing administrators to include a wide range of pertinent data associated with each user. 3

  • Tyco Kantech EntraPass security management software

    Tyco Kantech EntraPass security management software

    Johnson Controls, the global leader in smart, healthy and sustainable buildings, and architect of the Open Blue digital connected platforms, has released the newest version of the Tyco Kantech EntraPass security management software. 3

  • Unique Oversized ID Card Printer

    Unique Oversized ID Card Printer

    Idesco Corp. is announcing its card printer – the XCR100 2.0 printer- that allows customers to personalize oversized ID cards on demand. The printer is ideal for assisting healthcare organizations find the right badging solution. As healthcare facilities continue to combat the spread of COVID-19, issuing oversized ID cards has helped identify staff clearly while adding an extra layer of security. The XCR100 2.0 printer is the only dye-sublimation printer on the market that can personalize CR100 cards (3.88" x 2.63"). The cards that are 42% larger than the standard credit card size. The printer can produce up to 180 full cards per hour in color, and up to 1,400 cards per hour in monochrome. An optional flipper is available to print dual-sided badges in one pass. Contactless encoding comes as an option to help healthcare facilities produce secure access badges on demand and the card printer features a 2-year warranty. 3