FS-ISAC Leads Financial Sector in World's Largest International Live-Fire Cyber Exercise

FS-ISAC, the only global cyber intelligence sharing community solely focused on financial services, announced its leadership role in devising the financial sector’s scenario during this year’s NATO Cooperative Cyber Defence Centre of Excellence (CCDCOE) Exercise Locked Shields.

Locked Shields simulated a series of realistic and sophisticated cyber attack scenarios using cutting-edge technologies, complex networks, and diverse attack methods to test the countries’ ability to protect vital services and critical infrastructure.

This year the exercise strategic track scenario included a large-scale disruption across multiple aspects of the financial services sector. To do this, FS-ISAC convened a Scenario Expert Planning Group comprised of its members including the Bank for International Settlements (BIS) Cyber Resilience Coordination Centre (CRCC), Mastercard, NatWest Group, and SWITCH-CERT among others.

“Given the cross-border nature of today’s cyber threats, exercises like Locked Shields are critical tools in preparing the global financial services industry to better defend against increasingly sophisticated threat actors,” said Teresa Walsh, Global Head of Intelligence of FS-ISAC. “To strengthen the financial sector’s resiliency, FS-ISAC has facilitated cyber exercises for more than ten years. This is a natural extension of our role in helping protect the global financial system.”

A key focus of the exercise strategic track is the cyber dependencies of the financial services industry and how they relate to government and critical infrastructure. The exercise will also examine and account for the new realities brought about by the pandemic, such as the greater security vulnerabilities caused by accelerated digitization and remote work.

“Large-scale exercises like Locked Shields provide both the public and private sectors an opportunity to pressure test response capabilities across borders,” said Ron Green, Chief Security Officer, Mastercard. “Moving with speed and purpose are crucial during an actual incident and everyone involved will gain from the enhanced collaboration and information sharing.”

“Locked Shields continually strives to address the most pressing needs of our nations by emulating current challenges faced by leaders in the cyber domain. Partnerships, such as with FS ISAC, allows us to present current real-world challenges to national leadership. The exercise tests the ability of nations to address a massive cyber attack from internal government cooperation to what mechanisms can be used for coordination and information sharing with the private sector and international partners,” said Colonel Jaak Tarien, Director of the CCDCOE, a NATO-affiliated cyber defence hub that has organized this Exercise every year since 2010.