NEW YORK (10/1/14)--A joint venture between the Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Depository Trust and Clearing Corp. (DTCC) aims to provide financial institutions and other organizations the latest information on cyberattacks.
The joint venture, named Soltra, will deliver software automation and services that collect, distill and speed the transfer of threat intelligence from a myriad of sources to help safeguard against cyberattacks.
FS-ISAC was established in 1999 as a nonprofit initiative to share timely, relevant information about physical and cyber threats and incident information for the financial services sector. It has more than 4,500 organizations, including credit unions of all sizes.
The Credit Union National Association is continuing its work with FS-ISAC to help credit unions monitor and respond to cyberthreats, as well as share information.
DTCC provides simplified clearing, settling, asset servicing, data management and information services to financial markets.
The software itself is called Soltra Edge. Soltra CEO Mark Clancy said it can take organizations up to seven hours to manually piece together enough information from multiple sources to properly evaluate a cyberthreat.
"With Soltra Edge, one organization's incident becomes everyone's defense," Clancy said. The system will enable clients to send, receive and store cybersecurity threat intelligence in a streamlined and automated format, enabling these firms to deploy safeguards against a potential cyberattack, he added.
Bill Nelson, president of Soltra, said that intelligence sharing must occur at "network" speeds, especially for smaller organizations.
More information on Soltra will be made available to credit unions and other small financial institutions in the coming months. Soltra Edge is currently being tested and should be available later this year.