The Europol-led European Cybercrime Centre (EC3) has joined forces with the Financial Services Information Sharing and Analysis Center (FS-ISAC) to combat cybercrime within the European financial services sector.

Their agreed MOU will is expected to facilitate and enhance the law enforcement response to financially motivated cyber criminals targeting banks and other financial institutions through a symbiotic intelligence-sharing network.

The important partnership is a response to the acceleration of sophisticated cyber-attacks in recent years affecting numerous countries and jurisdictions at once. The MOU will help foster a pan-European approach to intelligence sharing, ensuring the cross-border cooperation necessary for the detection, prevention and reduction of cybercrime.

In addition to facilitating information sharing, the agreement will also enable education and resilience through training exercises and informational summits.

Recommended

• DeepNude AI Photo App Taken Down by Makers
• Scottish Ultrasound Tech Company Secures £1m to Boost Expansion
• Uber Issues Warning about Potential Over-regulation of Self-driving cars

Steven Wilson, head of Europol cybercrime unit, said: “Cybercriminals are increasingly targeting financial services and institutions to the cost of citizens and businesses across the EU. It is crucial to bring key stakeholders around the table to improve the coordinated response; this MOU with FS-ISAC builds a platform to allow us to do exactly that.”

FS-ISAC is a close partner of EC3 and an active member of the Advisory Group on Financial Services, a public-private partnership initiative which provides a platform for financial services organisations and law enforcement to share information – as well as to agree on joint operations and awareness campaigns.

Ray Irving, managing director of FS-ISAC, said: “Accelerated global digitalisation combined with the growing sophistication of cybercriminals demands a more concerted approach from both the public and private sector.

“Through a collaborative peer-to-peer network, FS-ISAC and EC3 are enabling intelligence sharing to better safeguard the global financial system.”

The EC3, set up in 2013, is the response in the EU to protect European citizens, business and governments from online crime. With more than 60 experts working on a daily basis, EC3 is involved in hundreds of high-level online operations providing with data analysis and on-the-spot support to the Member States.