U.S. banking group forms unit aimed at reducing cyber risk

The Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group, said on Monday it had formed a unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system.

The new unit, known as the Financial Systemic Analysis & Resilience Center (FSARC), will proactively identify, analyze, and coordinate activities using more sophisticated techniques, the FS-ISAC said in a statement. (http://bit.ly/2enoimt)

The FSARC is the result of a meeting this year involving the six biggest U.S. banks plus custody banks State Street Corp and Bank of New York Mellon Corp, the FS-ISAC said. The FS-ISAC has more than 7,000 industry members.

(Reporting by Sudarshan Varadhan in Bengaluru; Editing by Ted Kerr)