RiskFinancial CrimeSOLTRA Joint Venture Set up to Strengthen Cyber Security

SOLTRA Joint Venture Set up to Strengthen Cyber Security

The Financial Services Information Sharing and Analysis Centre, aka FS-ISAC and the Depository Trust & Clearing Corporation (DTCC) are setting up a strategic joint venture to advance cyber security capabilities and encourage organisations to share information on actual and attempted attacks.

The j-v is named Soltra, after the medieval beacon fire networks in Europe that warned of invaders. The partners said that it would deliver software automation and services to collect, distil and speed the transfer of threat intelligence from many sources to help safeguard against cyber attacks.

Soltra’s automation software, Soltra Edge will connect and streamline the flow of threat intelligence by processing large amounts of threat data, improving efficiencies and enabling immediate action to counter the threat and mitigate risk. Soltra Edge is currently being tested by users and will be generally available later this year.

FS-ISAC and DTCC describe Soltra as “a true cross-industry initiative”, with more than 125 FS-ISAC members and representatives from other critical sectors, government entities and the private sector contributing towards the development of the Soltra Edge solution.

“Today, most cyber threat information is provided manually to users from various, unconnected industry sources,” said Mark Clancy, chief executive officer (CEO) of Soltra, chief information security officer (CISO) of DTCC and FS-ISAC board member. “Because of this, on average, it can take firms seven hours to evaluate each threat.

“With Soltra Edge, one organisation’s incident becomes everyone’s defence. The solution will enable clients to send, receive, and store cyber security threat intelligence in a streamlined and automated format, enabling these firms to deploy safeguards against a potential cyber attack.”

FS-ISAC, formed in 1999, is a member-owned non-profit and private financial sector initiative, while DTCC provides post-trade financial services.

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