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Banks Unite To Fight Cyber Threats

FINANCIAL PRIVACY—U.S.

January 10, 2012

In light of recent large-scale cyber attacks, financial firms are taking steps to unite against hackers and prevent online theft. The Wall Street Journal reports that, together with the Polytechnic Institute of New York University, some Wall Street financial firms are discussing the creation of a new center that would help detect potential attacks, and Bank of America (BOA) has begun quarterly roundtables hosting experts from other banks to discuss possible solutions to cybersecurity threats. "We realized that just as the fraudsters collaborate with each other, we as an industry must collaborate," said one BOA official. (Registration may be required to access this story.) Editor's note: At the Global Privacy Summit, the breakout session "Who's on First? New Roles and Authority for the CFPB, FTC, Banking Agencies and Securities" will explore more on the topic of data privacy and the financial services industry.
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