Big banks form A-team to fight for cyber security

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Big banks are teaming up to fight against the increasing threat of cyber security, according to an article by Robin Sidel for The Wall Street Journal.

Among others, this group includes JPMorgan Chase, Bank of America and Goldman Sachs, according to the article.

From the article:

While still in its early stages, the big banks expect the group members will share more information with each other about threats, prepare comprehensive responses for when attacks occur and conduct war games designed for the issues facing the biggest institutions.

They are currently part of a larger group of banks that is currently fighting hackers, however they are now seeking to form a more elite group between the eight banks.

From the article:

The big banks are currently part of a wider group of banks that looks to share information about cyber risks. But with 7,000 members, the biggest banks felt they needed an outlet that reflected the fact they are more likely to be targets of hackers than their smaller brethren and have more complex systems, according to people familiar with the matter.

Cyber security is a growing problem as many industries begin to move into the digital platform. In fact, HousingWire magazine’s issue from April was dedicated to the rising problem of cyber security.

In May, the National Association of Federal Credit Unions urged congress to pass legislation that would require stricter standards for retailers in the fight against hacking.

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