23rd October 2018

Finance industry set to launch Financial Sector Cyber Collaboration Centre

UK Finance is launching an industry-wide Financial Sector Cyber Collaboration Centre (FSCCC). The new venture is backed by 20 large banks, insurers and security exchanges. It is scheduled to be launched early next year.

Stephen Jones, UK Finance CEO, said: “Cyber is like Nato, an attack on one is an attack on all. Let’s redouble our efforts to collaborate, not compete…” Mr Jones said that the initiative would require those participating to trust each other.

There would have to be “circles of trust” as firms would be “sharing their dirty laundry”. Experts on the issue of cybercrime have warned that Britain could face a “category one” attack soon. This is defined as something requiring a national response, in contrast with the Wannacry attack last year, which was a category two event.

This announcement comes as Theresa May called upon EU leaders to introduce a “robust sanctions regime” to deter cyber-attacks in a session on internal security at the European Council. In April, UK Finance called for greater organisational collaboration across the industry in a bid to fight cybercrime, in a published report.