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Financial Companies Sharing Information About Security

Concerns about cyberthreats drive competing institutions to pool information, report says
Banks and financial institutions are developing new ways to share security information in order to improve their defenses, according to news reports.

According to The Wall Street Journal, banks are working together to share cybersecurity information.

This month, security officials from Morgan Stanley, Goldman Sachs Group Inc., and others 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 bank security data and logs to detect potential attacks, the WSJ said.

Bank of America Corp. also has begun hosting experts from other major banks at quarterly informal roundtables, in which the rivals try to devise solutions to cybersecurity threats, according to WSJ sources.

Both initiatives are designed to encourage banks to work together to better protect against hackers, the report said.

At the NYU-Poly meeting, some bank officials were expected to argue that banks should scour their own data internally, rather than provide information to outside researchers.

Representatives for Morgan Stanley and Goldman Sachs declined to comment.

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