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Global: World's first threat-information sharing group for regulators established

Source: Asia Insurance Review | Jul 2018

Global Regulation Risk Management

The Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced the upcoming launch of the world-first CERES (CEntral banks, REgulators and Supervisory entities) Forum, a new information sharing group for central banks, regulators and supervisors to share information impacting global security and resiliency.
Effective from 1 July, CERES Forum is the first global platform bringing together these regulatory entities to guard against ever-growing cyber and physical threats, said the FS-ISAC in a statement. It will enable them to be more effective in defending against attacks that could impact the global financial services sector and the world’s economies.
While employees working in operations from over three dozen central banks, regulators and supervisory entities are already members of FS-ISAC, this is the first time a community is being created to focus on the needs of supervisory and regulatory employees.
“Cyber threats have become increasingly frequent, complex and sophisticated,” said FS-ISAC president and chief executive officer Bill Nelson. “The sharing of information and best practices among authorities in a timely way to address the rapidly evolving threats is critical.
“Today, there is no dedicated forum or system for regulators, central banks and supervisors to share information on cyber and physical threats. The CERES Forum will bridge that gap with a platform that facilitates secure sharing of information about threats, vulnerabilities and incidences to stay ahead of crime,” he said.
The new forum is separate from the FS-ISAC community of banks, credit unions, insurance companies, investment companies and other financial institutions, which provides a trusted space for private financial institutions to share information. A new standalone secure portal and processes will ensure FS-ISAC member confidentiality.
The Monetary Authority of Singapore, which collaborated with FS-ISAC to establish an Asia Pacific Regional Intelligence and Analysis Centre in 2017 to encourage sharing and analysis of cybersecurity information between financial institutions in the region, also played a key role in conceptualising the CERES Forum.
The mission of the CERES Forum is to provide a trusted means for central banks, regulators and supervisors to:
  • Share best practices related to regulatory and compliance controls; 
  • Gather useful feedback from industry about which controls are most effective; and
  • Rapidly distribute information on cyber threats, vulnerabilities, incidents and other threat intelligence that could impact financial services, including attacks that target central banks, regulators and supervisors themselves. A 
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