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News Now

Washington
Cyber attack training exercise offered to financial institutions
WASHINGTON (1/13/10)--The Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced that on Feb. 9-11 it will hold a simulated nationwide cyber attack as part of a training program. The FS-ISAC has invited financial institutions, card processors, retail outlets, third party service providers, corporate treasurers, and government entities to take part in the test. The testing exercise will take place over a three day period, and is free of charge. During the simulated attack, participants will be asked to detail how they would respond to a series of attack scenarios. These responses will then be assessed, and suggestions for improvement, along with information on best security and response practices, will be made. According to the FS-ISAC, participants in the exercise will later be able to “evaluate” their “current risk mitigation procedures related to cyber attacks and identify potential critical gaps in planning,” will “engage in a live test” of their “ability to respond to major cyber attack incidents,” and will “raise awareness” of the procedures needed to respond to “cyber threats.” The testing exercise is supported by the BITS Financial Services Roundtable, of which the Credit Union National Association (CUNA) is a member. The U.S. Chamber of Commerce, the Federal Reserve Retail Payments Office, and other assorted groups are also supporting the testing. CUNA is the only credit union trade group represented in BITS, and has extensive information on BITS on its regulatory homepage. For more information on BITS, use the resource link.


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