FS-ISAC Launches Program to Bolster the Financial Sector's Supply Chain Security

Rhea-AI Summary

FS-ISAC has launched the Critical Providers Program aimed at enhancing the security of the financial sector's supply chain. This initiative is a response to the increasing cyber threats faced by critical service providers in the financial industry. Akamai Technologies (NASDAQ: AKAM) is a founding member, facilitating dialogue on cyber threat intelligence. The program will ensure timely communication during cyber incidents, empowering members to act swiftly and effectively. FS-ISAC's initiative represents a significant step in safeguarding financial institutions against evolving cyber threats.

Positive

• Akamai's participation as a founding member enhances its reputation in cybersecurity.
• The program fosters direct communication with financial institutions, potentially leading to increased collaboration and business opportunities.

Negative

• None.

RESTON, Va. and CAMBRIDGE, Mass., Jan. 19, 2022 /PRNewswire/ -- FS-ISAC, the only global cyber intelligence sharing community solely focused on financial services, announced today the launch of its Critical Providers Program designed to strengthen the security of the financial sector's supply chain. As critical service providers increasingly host, connect, and protect a substantial percentage of financial institutions' infrastructure, FS-ISAC created the program to foster continuous collaboration and information sharing between its member firms and their providers. This will bolster the industry's protections and preparedness against sophisticated cyber threats.

Akamai Technologies, Inc. (NASDAQ: AKAM), the world's most trusted solution to power and protect digital experiences, joins the Critical Providers Program as founding member to help facilitate a two-way dialogue with the financial sector about threat intelligence and cybercriminal tactics.  

"As financial services adopt new technologies to evolve the way they operate and serve customers, critical providers have become both an important ally to the industry and a target for cybercriminals," said Teresa Walsh, Global Head of Intelligence of FS-ISAC. "The Program will ensure our members efficiently receive accurate and timely security information from their critical providers. In the event of a large-scale incident, this will empower our members to act and/or remediate expeditiously, while arming them with the pertinent information to brief key stakeholders."

"We are honored to be a founding member of this important program and applaud FS-ISAC for taking a leadership role in facilitating direct communication between critical providers and the financial sector," said Dr. Boaz Gelbord, Chief Security Officer, Akamai. "We are looking forward to sharing what we are seeing from the unique vantage point of our globally distributed edge platform, listening to the members' experiences, and collaborating on ways to mitigate current and future risks."

During a large-scale cyber incident or threat involving the sector and its critical providers, the Program will leverage FS-ISAC's dedicated communication channels to expedite the dissemination of accurate information necessary to address the immediate risks and keep the industry safe.

Note to the Editor
Critical Providers are defined as non-financial organizations providing network infrastructure and services that, if impacted by an incident, would in real-time interrupt a significant amount of core financial services across the sector, in turn impacting the public's ability to manage financial transactions.

About FS-ISAC
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is the only global cyber intelligence sharing community solely focused on financial services. Serving financial institutions and in turn their customers, the organization leverages its intelligence platform, resiliency resources, and a trusted peer-to-peer network of experts to anticipate, mitigate and respond to cyber threats. Headquartered in the United States, the organization has offices in the United Kingdom and Singapore, and members in more than 70 countries.

To learn more, visit www.fsisac.com. For clarity and perspective on the future of finance, data, and cybersecurity from top C-level executives around the world, visit FS-ISAC Insights. To learn more about joining FS-ISAC as a member, visit fsisac.com/membership.

About Akamai
Akamai powers and protects life online. The most innovative companies worldwide choose Akamai to secure and deliver their digital experiences - helping billions of people live, work, and play every day. With the world's largest and most trusted edge platform, Akamai keeps apps, code, and experiences closer to users - and threats farther away.

Learn more about Akamai's security, content delivery, and edge compute products and services at www.akamai.com, blogs.akamai.com, or follow Akamai Technologies on Twitter and LinkedIn.

For intelligence and insights to help manage security risks, including blogs such as Akamai Reports Another DoS in Log4j2 (CVE-2021-45105): What You Need to Know, visit Akamai's Security Threat Hub.

Contacts for Media:

FS-ISAC
Adriana Villasenor
avillasenor@fsisac.com

Akamai
Helen Yang
htse@akamai.com 

View original content:https://www.prnewswire.com/news-releases/fs-isac-launches-program-to-bolster-the-financial-sectors-supply-chain-security-301463205.html

SOURCE Akamai Technologies, Inc.

FAQ

What is the Critical Providers Program launched by FS-ISAC?

The Critical Providers Program is an initiative aimed at improving the security of the financial sector's supply chain by facilitating communication and information sharing between financial institutions and their critical service providers.

How does Akamai contribute to the Critical Providers Program?

Akamai is a founding member of the program, helping to enhance dialogue about cyber threat intelligence and share insights on mitigating risks.

When was the Critical Providers Program announced?

The Critical Providers Program was announced on January 19, 2022.

What is the significance of the Critical Providers Program for Akamai (AKAM)?

The program strengthens Akamai's position in the cybersecurity space and promotes collaboration with financial institutions to enhance their security measures.