Public-Private Partnership Aims to Spur Cybersecurity Innovation

Electronic transactions in banking, credit, insurance, trading and funds management form the backbone of the modern financial services sector. With so much vital information being delivered through online networks, both public and private sectors have vital interests in securing them against threats.

That is why the National Institute of Standards and Technology has joined with the Department of Homeland Security Science Directorate and the Financial Services Sector Coordinating Council in a new public-private partnership to spur cybersecurity innovation, reports

Through a memorandum of understanding signed on Dec. 6, the three agencies pledged to collaborate on the application of research into practice for better cybersecurity for the critically important financial services sector. “The organizations plan to leverage their core cybersecurity expertise, research and development capabilities and other resources to explore the benefits of new cybersecurity technologies and develop new processes that benefit critical financial services functions,” the article says.

The cooperative research is also expected to benefit health care and Smart Grid cybersecurity needs.

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