During the Combating Financial and Cyber Threats conference hosted by the City of London Police yesterday, the Global Cyber Alliance was launched. This encouraging initiative was jointly announced by the City of London Police and the Manhattan District Attorney's office, the agencies responsible for leading the fight against financial crime in these global financial centres. During his keynote speech, the DA announced a $15m funding package for the GCA and as the Wall Street Journal notes, this comes from the massive $447 fine levied on BNP Parabis last year, which seems a very appropriate use of these funds.
As a not-for-profit NGA, the Global Cyber Alliance should help address a key issue in fighting cyber crime, namely the poor sharing of intelligence outside law enforcement. Better reporting of cyber crime by the business community should fuel improved generation of intelligence insight that can in turn be shared by automated systems to help disrupt the growing levels of cyber-enabled crime.
Companies have long desired shared data on cyberattacks but are often concerned that disclosing their cyber vulnerabilities to the government will drag them into the public spotlight and invite the government into the company while inciting concerns among shareholders and customers. The new effort is an attempt to remedy the dilemma between sharing data among companies and the government while protecting proprietary information, Mr. Vance said. The initiative will initially be based in New York and London, with potential to expand to Singapore and elsewhere, and will have its own full-time staff working on emergency incident response, research and information sharing.