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Financial Services Sector Signs Cybersecurity Research Agreement with NIST, DHS
For Immediate Release: December 8, 2010
The National Institute of Standards and Technology (NIST) has joined in a new public-private partnership to spur cybersecurity innovation in the financial services sector. Through a memorandum of understanding signed on Dec. 6, 2010, 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 plan to leverage their core cybersecurity expertise, research and development capabilities and other resources to explore the benefits of new cybersecurity technologies and develop new processes that benefit critical financial services functions. Outputs of this collaborative research also are expected to be applicable to health care and Smart Grid cybersecurity needs.
Nearly all modern financial services—banking and credit card transactions, insurance, trading and funds management, and many other business and consumer financial activities—are delivered online to all parts of the economy and society. Online services are also integral to international commerce. Both the public and private sectors have vital interests in securing financial services against threats.
The three members of the partnership have complementing capabilities: