To encourage financial system-wide cyber resilience, Forum CEO Kevin Fromer and the CEOs of six other financial industry trade groups called on the CEOs of U.S. banks and credit unions to join Sheltered Harbor.
In the joint letter, the CEOs explained how Sheltered Harbor was created to protect customers, financial institutions, and public confidence in the financial system if a catastrophic event like a cyberattack causes critical systems—including backups—to fail. Implementing the Sheltered Harbor standard prepares institutions to provide customers timely access to balances and funds in such a worst-case scenario.
“We have built a not-for-profit, industry-led ecosystem of financial institutions, core processors, national trade associations, alliance partners, and solution providers dedicated to enhancing financial sector stability and resiliency,” the CEOs said in the letter. “The reason for Sheltered Harbor is simple: once improbable threat scenarios are now plausible. In response, traditional business continuity and disaster recovery planning is not enough. The only way to minimize the impact of a devastating disruption is to prepare for it.”