The Financial Industry Regulatory Authority said Tuesday that it has launched a secure portal for broker-dealers to share information about cybersecurity and fraud threats.
The Financial Intelligence Fusion Center allows BDs to coordinate responses to such threats. The portal "will collect, analyze and disseminate threat intelligence to bolster member firms' awareness and ability to quickly respond to these threats," FINRA said, and "leverage FINRA's existing partnerships, enabling input from other government and private sector partners."
The platform was developed as part of the FINRA Forward intiative.
"The Financial Intelligence Fusion Center will be a powerhouse that facilitates timely intelligence sharing to benefit member firms, their customers and the securities industry," Greg Ruppert, executive vice president and chief regulatory operations officer at FINRA, said in a statement.
"As cybersecurity and fraud threats evolve, this type of innovation and coordination with our member firms — which is made possible because of our self-regulatory organization model — is essential in building a more resilient environment. Member firm engagement with the FIFC will bolster that defense system and will strengthen trust in our markets, while better protecting investors," Ruppert said.
FINRA said it began piloting the portal last year with a diverse group of member firms, "whose participation and feedback have helped strengthen the portal's functionality and effectiveness for member firms of all sizes."
"Through the pilot program, member firms have accessed FINRA's threat intelligence products and actively shared cybersecurity and fraud threat intelligence via the FIFC, enabling timely threat mitigation," according to the self-regulator.
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