September 19, 2012

The purported cyber attacks against Bank of America's website Tuesday appear to have been contained, but highlight the ever-present need for information sharing and cooperation between financial institutions regarding security threats.

Shirley Inscoe, senior analyst with Boston-based Aite Group, notes that cross-industry meetings to discuss threats such as this most recent one are invaluable when combating cyberterrorism.

"Large banks do have industry meetings where they share information and strategies," she says, as well as noting collaborative work done by industry groups such as BITS, the technology division of The Financial Services Roundtable and the Financial Services Information Sharing and Analysis Center (FS-ISAC).

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