The federal government and Wall Street have joined forces in a new cybersecurity alliance called Project Fortress, aimed at protecting the US financial system from cyberattacks. This partnership emphasizes the serious threat that cyberattacks pose to the economy and sends a clear message to bad actors that they will face consequences for targeting US financial institutions. Project Fortress includes defensive measures such as a cyber hygiene tool and an automated threat feed that scans for vulnerabilities and gathers threat information. Additionally, the alliance includes offensive actions using national security tools and law enforcement to deter adversaries from attacking.
Treasury Secretary Janet Yellen and Deputy Treasury Secretary Wally Adeyemo discussed the new cybersecurity alliance with bank CEOs, including top executives from JPMorgan Chase, Bank of America, and Citigroup. BNY Mellon CEO Robin Vince expressed pride in being an early adopter of Project Fortress, emphasizing the importance of resilience and strong cyber defense in protecting the financial system. Federal Reserve Chair Jerome Powell has identified cyberattacks as the biggest threat to the global financial system, surpassing past financial crises. The recent cyberattack on the New York branch of the Industrial and Commercial Bank of China highlighted the need for better information sharing and cybersecurity defenses.
Project Fortress includes a cyber hygiene tool run by the Cybersecurity and Infrastructure Security Agency (CISA) that scans firms for vulnerabilities and provides updates tailored to their specific risks. More than 800 financial sector participants have already signed up for this tool, which is free for banks to join. This feature is particularly beneficial for smaller banks that may lack the resources of larger institutions. Adeyemo emphasized inclusivity in Project Fortress, ensuring that all financial institutions, including community banks and credit unions, have access to cybersecurity support. The alliance also includes an information-sharing program that gathers threat indicators from US agencies, international partners, and financial firms in an effort to detect and respond to threats more effectively.
The federal government has demonstrated its offensive capabilities in combating cyber threats, with recent sanctions and charges announced against a Russian man alleged to be the mastermind behind a ransomware gang. US and European law enforcement agencies used LockBit’s own websites to target its members, highlighting the government’s commitment to disrupting cybercriminal operations. Project Fortress aims to enhance collaboration between the public and private sectors to protect the financial system from cyberattacks and address the increasing threat posed by malicious actors in cyberspace. By leveraging national security tools, law enforcement, and information sharing, the alliance seeks to strengthen defenses and deter potential attacks on US financial institutions.