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U.S. Banking Group Forms Unit Aimed at Reducing Cyber Risk

Oct 25, 2016

The Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group, said on Monday it had formed a unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system.

The new unit, known as the Financial Systemic Analysis & Resilience Center (FSARC), will proactively identify, analyze, and coordinate activities using more sophisticated techniques, the FS-ISAC said in a statement.

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The FSARC is the result of a meeting this year involving the six biggest U.S. banks plus custody banks State Street (sbaz) and Bank of New York Mellon (bk), the FS-ISAC said. The FS-ISAC has more than 7,000 industry members.

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