Data security standards for third-party processors, better communications and threat awareness education were among the recommendations that came out of a nationwide simulated cyber attack on the nation's ACH, check and card payment systems earlier this year.
More than 700 financial institutions participated in the three-day Cyber Attack Against Payment Processes exercise in February organized by the Financial Services Information Sharing and Analysis Center in Sterling, Va.
An executive report just released included three key recommendations, according to FS-ISAC. They are creating data security standards for third-party processors, response plans that contain internal communications to strategic staff and communications to the general public, and awareness and education campaigns for payment systems participants of all sizes regarding cyber threats to their enterprises, customers, processors and supply chain.
An executive summary of the exercise results is available at www.fsisac.com.