Cyber defense is too big an issue for a bank to solve on its own.

One bank’s detection of a threat is another bank’s prevention of an attack, an obvious motivation for banks to share their cyberthreats intelligence. But thus far banks have failed to share meaningful intelligence in a timely manner. The report discusses the substantial data challenges banks face and the advanced technologies required in the build of an effective CTI sharing platform and program.

Banks have been slow to adopt cyberthreats intelligence (CTI) programs and few have invested in the necessary data analysis and integration technologies required to exchange intelligence in a rapid fashion. If banks are to have a fighting chance against cyberattacks the industry has to embrace the idea of sharing intelligence, endorse a CTI community sharing platform(s), formalize exchange standards, and share best practices.

Establishing a well-governed sharing model will be challenging but the rewards will be considerable. The collaborative model could be the industry’s strongest weapon in abating the barrage of cyberthreats.