The Depository Trust & Clearing Corporation (DTCC) and The Financial Services Information Sharing and Analysis Center (FS-ISAC) announced the formation of a strategic joint venture to develop solutions to facilitate sharing of information on cyber-attacks among critical infrastructure companies in real time.
The collaboration, named SoltraTM, has developed Soltra EdgeTM an automated software solution that will compile, distill and share threat intelligence data from multiple sources, including the private sector, industry, government and other entities.
“In terms of defending against a cyber-attack, information is our strongest arsenal,” said Mark Clancy, CEO of Soltra, DTCC Chief Information Security Officer and Board Member of FS-ISAC. “Soltra Edge significantly enhances an organization’s cyber threat intelligence gathering capability through the power of shared knowledge. This collaborative approach can help accelerate the spread of critical cyber threat intelligence among users.”
Cyber security has emerged as one of the top systemic threats, facing not only the global financial markets and associated infrastructures, but also world governments and military establishments. According to the DTCC Systemic Risk Barometer, 23% of respondents cited cyber risk as the top risk for their firm, and 24% cited cyber risk as the top risk to the broader economy.
One particular dynamic shaping how our responses to cyber threats evolve is that the cost to create and launch a cyber-attack is low but the cost to defend against an attack is very high, according to Clancy. “Most attackers typically rely on one threat because they do not have the resources to create and launch a multitude of different threats,” he said. “Soltra alters the economic paradigm of a cyber-attack by socializing threat intelligence thereby reducing an attacker’s ability to the use of the same threat against several companies. It becomes cost prohibitive for attackers.”
Currently in the pilot test phase, Soltra Edge is scheduled for release later this year with plans to offer a free version and a more robust for-purchase product.
“As a joint venture, Soltra has assembled a world-class team and support from some of the most respected companies in the world in order to architect and build a solution for tomorrow’s information sharing,” said Bill Nelson, President of Soltra and President and CEO of FS-ISAC, an organization focused on sharing critical cyber security threat information worldwide. “Today’s threat intelligence sharing must occur at network speeds. It needs to reduce the workload for security analysts and for smaller organizations. It needs to be available for all critical sectors in order to share information within each sector and also cross-sector to increase resiliency from cyber threats.”
“We believe that combating cyber threats requires partnering across companies and industries—that we are all in this together,” said Sean Franklin, Vice President of Cyber Intelligence, American Express Company and Board Member of FS-ISAC. “Automating the exchange of threat information will play a vital role in creating a robust community defense strategy that benefits participating members.”
For more information about Soltra and Soltra Edge, please visit http://www.soltra.com/.
Beyond the Horizon: A White Paper to the Industry on Systemic Risk
DTCC Systemic Risk Barometer Summary