ARLINGTON, Va., March 15, 2017 /PRNewswire/ -- The Financial Systemic Analysis & Resilience Center ("FSARC") and the Financial Services Information Sharing and Analysis Center ("FS-ISAC") are pleased to announce the appointment of distinguished cybersecurity and resilience expert Scott DePasquale as president of the FSARC. Mr. DePasquale will report to the FSARC Board of Directors, collaborating closely with Bill Nelson, CEO of FS-ISAC.
In this newly created role, Mr. DePasquale will advance the founding firms' mission to operate the FSARC as a focused and collaborative organization developing and offering a suite of products and services designed to proactively identify, analyze, assess and coordinate activities to mitigate critical infrastructure and systemic risk to the entire financial services sector. As a seasoned executive with more than 20 years of experience in cybersecurity, risk management, policy development, public to private government interaction and corporate leadership, DePasquale will lead the FSARC as the organization scales for growth and deepens its collaboration with numerous U.S. Government agencies and other critical infrastructure stakeholders and sectors.
"Scott brings more than 20 years of uniquely balanced experience to the FSARC," says Bill Nelson, president and CEO, FS-ISAC. "He has worked in sectors including technology, global energy, finance and the public sector which provides the perfect foundation to lead the mission of the FSARC. I look forward to working with Scott and the FSARC to deliver on important new initiatives that will deepen and enhance the resilience of the U.S. financial sector."
Formed in late 2016, the FSARC has focused on activities that enhance and improve the effectiveness of information exchange, sharing of sophisticated analytical techniques, and closer collaboration between large U.S. financial services firms and U.S. government agencies on behalf of the entire sector. The FSARC leverages the expertise of participating banks' information and cyber security teams with that of its government partners, including the Department of Treasury, the Department of Homeland Security and others. The FSARC opened its headquarters facility this month in Arlington, Virginia.
"The FSARC is developing new approaches to cyber and information security that will strengthen the entire financial services sector as well as our national security," said Scott DePasquale, president of the FSARC. "I look forward to leveraging my expertise bridging public and private sector initiatives. We will be deeply focused on surfacing innovative technologies, analytical tools, and solutions that can address the constantly evolving threats to our financial services community."
In 2016, the CEOs of eight banks – Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo – came together to proactively identify ways to enhance the resilience of the critical infrastructure underpinning much of the U.S. financial system. The result is the creation of a long-term strategic initiative that performs deep analyses of systemic risk across financial products and practices, known as the Financial Systemic Analysis and Resilience Center (FSARC). The FSARC's mission is to proactively identify, analyze, assess and coordinate activities to mitigate systemic risk to the U.S. financial system from current and emerging cyber security threats through focused operations and enhanced collaboration between participating firms, industry partners, and the U.S. Government.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a non-profit corporation that was established in 1999 and is funded by its member firms. With nearly 7000 members globally, The FS-ISAC is a member-driven organization whose mission is to help assure the resilience and continuity of the global financial services infrastructure and individual firms against acts that could significantly impact the sector's ability to provide services critical to the orderly function of the global economy. The FS-ISAC shares threat and vulnerability information, conducts coordinated contingency planning exercises, manages rapid response communications for both cyber and physical events, conducts education and training programs, and fosters collaborations with and among other key sectors and government agencies. Learn more at www.fsisac.com.
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