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Banks cooperate to beat online thieves

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There are times when it behooves the banking industry to work together. The need to beat back the rising sophistication of hackers seems to present just such an opportunity.

Bank Technology News reports that more banks are cooperating with this goal in mind. In one noted example, Morgan Stanley, Goldman Sachs and other financial firms are “expected to meet with researchers from the Polytechnic Institute of New York University to discuss the creation of a new type of center that would sift through mountains of bank data to detect potential attacks.” In another initiative, Bank of America has “begun hosting experts from other major banks at quarterly informal roundtables, in which the rivals try to devise solutions to cyber security threats.”

Sharing information on a massive scale is always cause for concern from the industry’s point of view. But the threats to the entire system have ratcheted up and the industry may not have any choice but to collude behind a Big Data-oriented solution.

With that said, the industry would like to structure any data sharing initiatives such that no individual firm gives up too much proprietary information. We can only hope that these initiatives bear fruit quickly.

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