FS-ISAC Inc

FS-ISAC Inc, identified by its EIN 522204208, is a nonprofit organization designated as a business league (501(c)(6)) focused on improving business conditions within the financial sector. It operates as the Financial Services Information Sharing and Analysis Center, a global entity dedicated to advancing cybersecurity and resilience in the financial services industry.

History and Development

FS-ISAC was founded in response to US Presidential Decision Directive 63, signed in 1998, which called for the establishment of sector-specific information sharing organizations to enhance critical infrastructure resilience. After the directive's update in 2003 by Homeland Security Presidential Decision Directive 7, FS-ISAC officially began operations in 1999. The organization expanded its global reach by establishing regional hubs in London and Singapore, with the Asia Pacific Regional Analysis Centre becoming operational in 2018.

Mission and Activities

The primary mission of FS-ISAC is to ensure the resilience and continuity of the global financial services infrastructure by sharing critical cyber threat intelligence and promoting collaborative practices among its members. This includes operating a real-time information-sharing network that amplifies the intelligence, knowledge, and security practices of its member financial firms. FS-ISAC fosters a trusted peer-to-peer network of experts from both public and private sectors, facilitating the exchange of threat assessments, analyses, and best practices.

The organization supports the development of cybersecurity tools and strategies, such as the recently introduced "Stop the Scams" framework, designed to combat phishing attacks in the financial sector. This initiative involves collecting and sharing actionable intelligence, educating employees and customers, cataloging communication channels, and leveraging anti-phishing technology. FS-ISAC also conducts exercises, provides hands-on training, and develops playbooks for rapid response to cyber threats.

Structure and Members

FS-ISAC is governed by a Board of Directors elected from its membership, ensuring strategic direction and corporate governance aligned with the interests of its member financial institutions. The organization's membership includes regulated financial firms and other eligible entities that participate in its efforts to secure and protect the financial services sector worldwide.

Financial Overview

FS-ISAC primarily generates revenue through program services, which accounted for a significant portion of its total revenue in recent years. Contributions have varied, but the organization relies heavily on the active engagement of its members in sharing intelligence and developing collective security strategies. FS-ISAC invests in executive compensation, other salaries, and operational expenses to maintain its global cyber intelligence platform.

Impact

FS-ISAC's impact extends across the global financial ecosystem, supporting financial institutions and their customers by enhancing cybersecurity and resilience. Its efforts help protect billions of people worldwide who rely on a stable financial system, contributing to the overall stability of the global economy.

[1] https://www.fsisac.com/newsroom/stop-the-scams-fsisac-new-phishing-prevention-framework-to-counter-surge-in-financial-scams-targeting-financial-services-firms [2] https://projects.propublica.org/nonprofits/organizations/522204208 [3] https://www.fsisac.com/faq [4] https://www.fsisac.com/about-us [5] https://www.guidestar.org/profile/52-2204208