CFS and FBI Announce Public / Private Cyber Security Partnership

In the last few days, news about cyber-attacks against a major unnamed hedge fund has highlighted the seriousness of this risk to our overall financial system.

To better assess emerging risks and facilitate coordination surrounding cyber security and threats, the Center for Financial Stability (CFS) and the Federal Bureau of Investigation (FBI) are pleased to announce the formation of a public / private partnership for the financial services community.

Meetings will be hosted by the Vulnerabilities Working Group (VWG) at the CFS. The VWG – more broadly – is at the forefront of gauging financial, macroeconomic, geopolitical, technological, and regulatory risks likely to present over the next 3 to 24 months. Specifically, the technology component will focus on topics such as national security threats, threats to financial institutions, future emerging threats, and crisis management techniques.

The group will be led by Leo Taddeo (FBI) and David X Martin (CFS).

Leo Taddeo serves as the Special Agent in Charge of the Special Operations/Cyber Division of the FBI’s New York Field Office. In this role, Mr. Taddeo leads over 400 special agents and professional support personnel in cyber investigations, surveillance operations, information technology support, and crisis management.

David X Martin is an acknowledged expert on risk management. He has served as the founding chairman of the Investment Company Institute’s Risk Committee (ICIRC), and co-chair of the Buy Side Risk Committee, composed of the chief risk officers of the twenty largest asset management firms. He has also published on cyber security. Prior to CFS, David was the chief risk officer at AllianceBernstein.

Aside from excessive central bank liquidity, cyber threats are a meaningful risk to the financial system and could ultimately be part of the next financial crisis.

For more information about this new partnership, please contact LeAnn Yee (manager of communications and development) at lyee@the-cfs.org.

News reports include:

Hedge-Fund Hack Part of Bigger Siege, Cyber-Experts Warn – http://www.bloomberg.com/news/2014-06-23/hedge-fund-hack-part-of-bigger-siege-cyber-experts.html

CNBC News Story – http://video.cnbc.com/gallery/?video=3000285963

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