The Financial Industry Regulatory Authority said that it has launched a secure portal for FINRA and its member firms to share information about cybersecurity and fraud threats, and coordinate responses.
FINRA announced that it has opened the Financial Intelligence Fusion Center (FIFC) in its ongoing effort to protect investors and firms from harm from cyber and financial crime threats. The platform was developed as part of FINRA Forward, a series of initiatives aimed at improving the organization’s effectiveness and efficiency.
The FIFC will collect, analyze and disseminate threat intelligence to bolster member firms’ awareness and ability to quickly respond to these threats. The FIFC will also leverage FINRA’s existing partnerships, enabling input from other government and private sector partners.
FINRA said it began piloting the FIFC last year “with a diverse group of member firms, whose participation and feedback have helped strengthen the portal’s functionality and effectiveness for member firms of all sizes.”
Through the pilot program, member firms have accessed FINRA’s threat intelligence products and actively shared cybersecurity and fraud threat intelligence via the FIFC, enabling timely threat mitigation. FINRA is encouraging member firms to opt into the FIFC to gain access to the centralized portal.
“The Financial Intelligence Fusion Center will be a powerhouse that facilitates timely intelligence sharing to benefit member firms, their customers and the securities industry,” said Greg Ruppert, Executive Vice President and Chief Regulatory Operations Officer at FINRA. “As cybersecurity and fraud threats evolve, this type of innovation and coordination with our member firms—which is made possible because of our self-regulatory organization model—is essential in building a more resilient environment. Member firm engagement with the FIFC will bolster that defense system and will strengthen trust in our markets, while better protecting investors.”
FINRA said the FIFC expands on the range of resources the regulatory organization provides its members, including guidance for establishing cybersecurity programs, addressing vulnerabilities, combating cyber-enabled fraud and identifying emerging scams.
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