FinCEN Director Calvery Encourages Information Sharing to Combat Cyber Threats

FinCEN Director Jennifer Calvery asserted that a key component to combat cyber threats is information sharing, both within and between financial institutions.

She encouraged financial institutions to: (i) leverage their internal information technology resources to include cyber-derived information in suspicious activity reports ("SARs"), (ii) file SARs voluntarily on cyberattacks, and (iii) participate in voluntary information sharings with other financial institutions under the safe harbor granted in Section 314(b) ("Information Sharing Between Financial Institutions") of the U.S.A. Patriot Act, as described in this fact sheet.

Ms. Calvery also commented that information sharing between FinCEN and the financial industry is important as well, and stated that FinCEN is currently in the process of exploring ways to share cyber threat information derived from BSA reports with U.S. financial institutions.

Ms. Calvery's remarks were delivered at the recent Financial Services Sector Coordinating Council - Financial and Banking Information Infrastructure Committee Joint Meeting in New York City.