In a new cybersecurity alliance between the federal government and Wall Street, known as Project Fortress, measures are being taken to defend the US financial system from cyberattacks. The alliance involves protective measures such as a cyber hygiene tool that scans companies for vulnerabilities and an automated threat feed. Additionally, Project Fortress includes offensive actions that employ Treasury’s national security tools and US law enforcement to deter adversaries from attacking the financial system.
Treasury Secretary Janet Yellen and Deputy Secretary Wally Adeyemo discussed Project Fortress with bank CEOs during a meeting, where they emphasized the importance of resilience and strong cyber defense in protecting the financial system. Bank CEOs, including BNY Mellon CEO Robin Vince, expressed support for the initiative, highlighting the shared responsibility of maintaining a secure financial system between the public and private sectors. Federal Reserve Chair Jerome Powell has identified cyberattacks as the biggest threat to the global financial system.
A cyberattack on the New York arm of the Industrial and Commercial Bank of China last year highlighted the potential risks to the financial sector. This incident disrupted trading in the US Treasury market and raised concerns about the need for better information sharing to prevent such hacks. Project Fortress aims to address these vulnerabilities through tools such as the cyber hygiene tool run by the Cybersecurity and Infrastructure Security Agency, which helps banks identify and address cyber vulnerabilities.
Project Fortress also includes an information-sharing program called the Automated Threat Information Feed, which gathers indicators from US agencies, international partners, and financial firms to detect threats more effectively and rapidly. The federal government has used its offensive capabilities, including sanctions and criminal charges, to target cyber criminals. For example, a Russian man alleged to be the mastermind of the LockBit ransomware gang was recently targeted by US and European law enforcement agencies.
The alliance between the federal government and Wall Street in Project Fortress aims to protect the US financial system from cyber threats and deter malicious actors from targeting financial institutions. This partnership involves a combination of defensive measures, such as the cyber hygiene tool and threat information feed, as well as offensive actions utilizing national security tools and law enforcement. Bank CEOs have expressed support for the initiative, recognizing the importance of investing in cyber defense to safeguard the financial system.
Overall, Project Fortress represents a multifaceted approach to cybersecurity, combining proactive defense measures with strategic offensive actions to mitigate cyber risks to the financial sector. By leveraging information sharing, technology tools, and collaborative efforts between government and private sector stakeholders, the alliance seeks to enhance the resilience and security of the US financial system against evolving cyber threats.
