Insurers, Feds Jointly Pursue Financial Sector Cybersecurity Measures

Leading insurance and other financial services companies have signed a research agreement with federal homeland security officials to improve cybersecurity in the financial sector.

Through a public-private sector memorandum of understanding signed on Dec. 6, the National Institute of Standards and Technology (NIST), the Department of Homeland Security Science and Technology (S&T) Directorate and the Financial Services Sector Coordinating Council agreed to work together to speed the application of research into practice for better cybersecurity for the critically important financial services sector.

The organizations said they plan to leverage their expertise, research and development capabilities and other resources to explore new cybersecurity technologies and develop new processes that benefit critical financial services functions. The results are also expected to be applicable to health care and Smart Grid needs.

The three members of the partnership have complementing capabilities: