By: Jillian Stella, December 12, 2017 (13:46 PM)

A “Sheltered” Breakthrough in Banking Security

Have you heard of the Sheltered Harbor?

Well, neither have we.

Just as its name implies, the non-profit cybersecurity initiative “sheltered” itself and dodged the media until it was ready for its’ close up.

Sheltered Harbor’s FAQ answers the hiding probe explaining that “until recently, we have been operating quietly to get our standards complete, and to get early adopters testing the process.”

Its main page states that the organization provides “protection against potential significant cyber risk”, establishes standards for institutions, promotes adoption of standards by financial institutions and monitors such protections.

Yet, the testimonials don’t really give the collaboration enough credit. While it’s out in the open now, Trey Maust, chairman of ABA’s Community Bankers Council was said to have taken years to work on Sheltered Harbor.

Ultimately, Maust and the entire Financial Services Information Sharing and Analysis Center invented the first operative back-up system for banks.

Because of the efficiency of the project, our major banks have decided to team up to support one another and act as backup banks for each other.

If one is attacked, the customers of said bank will remain unaffected since all information is stored in a safe and separate system, in a different bank, lacking a repository of data.

With quick account retrieval after an attack, CEO Steven Silberstien validates his mission stating that “the public can retain confidence in the system if a bad thing happens.”

The more members, the more backups, the more security strength!

Altogether, Sheltered Harbor is a milestone initiative within the cybersecurity world.

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