Financial Services Sector Coordinating Council (FSSCC)

The Cloud Executive Steering Group (CESG), a public-private partnership, consisting of federal agency heads and sector CEOs from FSSCC and the Financial and Banking Information Infrastructure Committee (FBIIC) published a suite of resources this week to share with financial services institutions on effective practices for their secure cloud adoption journey. “In producing these artifacts, we have created a clear roadmap on what we need to do to protect and defend the financial services sector,” said Deborah Guild, FSSCC Chair. “The result is clarity and actionable steps that can effectively demystify what it means to better protect the industry from the risks that cloud adoption presents.” Learn more about the deliverables and overall cloud effort: https://lnkd.in/eDchzuqY

Many important discussions took place during our spring FBIIC-FSSCC meetings with topics focusing on AI, cybersecurity and resiliency, but the overarching theme was on the importance of partnership and collaboration. We recognize that while we have an incredibly dedicated group of members who volunteer their time and resources in the effort to enhance the security and resiliency of the US financial system, we cannot do it alone, and there is still a lot of work to do. We will continue to work with our partners at the FBIIC to have the challenging conversations and collaborate on ideas that will move us forward. Thank you to all of our members who are leading or volunteering their time on the FSSCC Committees.   If you are not already part of FSSCC, join the fight! Visit https://fsscc.org/ to learn more. We hope to see you at our next Joint Meeting on August 20-21 in DC.

The conversations yesterday were both inspiring and thought-provoking. AI is clearly top of mind for leadership across the public and private spheres, and our forum enabled discussions between academics, industry partners, and policy makers that we hope provided all involved valuable thought leadership on how we can optimize use of AI while navigating the changes it will bring. We have another great agenda lined up for today that is designed to provide actionable insights. Thank you to all of our speakers for providing insight into this space and challenging all of us to do what is right by our stakeholders. As we wrap up day one, a big thank you to Vice Chair, Paul Benda for your dedication to this important work.

The first FBIIC-FSSCC Joint Session of 2024 is underway. Over the next day and a half, our members will hear from leading experts in the financial, technology and government sectors on key topics including policy, AI and Cyber innovation. Through these collaborative sessions, we will continue the work in keeping our sector secure and resilient. Thank you to Todd Conklin, Deputy Assistant Secretary for the U.S. Department of Treasury, for being here to kick off the session. The FBIIC-FSSCC partnership is critical to our success and your leadership and enthusiasm is valued.

It has been a true honor for FSSCC to be able to partner with the U.S. Department of the Treasury to help inform the industry on best practices and governance models for managing the cybersecurity risks presented by AI. Yesterday’s joint press conference held at the ABA in Washington, DC marked the kick-off to an exciting new effort to develop workstreams and develop solutions to help guide the financial industry into the future in a safer, more secure way. Our aim is to help financial institutions – large and small – capitalize on the benefits AI has to provide, while minimizing risk to their customers, the industry, and, ultimately, our national economy.

Yesterday’s release of the U.S. Department of Treasury report “Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector” was a watershed moment for the financial industry. We at FSSCC were honored to provide input to Treasury’s report on this effort and as such Treasury utilized our own recommendations from our Research and Development Committee as an appendix in their report. This body of work provides a comprehensive identification of significant opportunities and challenges that AI presents to the security and resiliency of the financial services sector. The key takeaway is that private-public partnerships are key to help us all safely navigate the age of AI. #AI #Cybersecurity

Yesterday’s release of the U.S. Department of Treasury report “Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector” was a watershed moment for the financial industry. We at FSSCC were honored to provide input to Treasury’s report on this effort and as such Treasury utilized our own recommendations from our Research and Development Committee as an appendix in their report. This body of work provides a comprehensive identification of significant opportunities and challenges that AI presents to the security and resiliency of the financial services sector. The key takeaway is that private-public partnerships are key to help us all safely navigate the age of AI. #AI #Cybersecurity

Congratulations to Todd Conklin, Deputy Assistant Secretary for the U.S. Department of Treasury, for being recognized as a 2023 Presidential Rank Award Winner. The Presidential Rank Award was established by the Civil Service Reform Act of 1978 and awards senior career employees with a sustained record of exceptional professionalism, technical, and/or scientific achievement recognized on a national or international level.   Todd is an important FSSCC community partner, and his work and talents are critical to the work we are doing to keep the industry safe from ever increasing threats. Beyond his work helping to facilitate the sharing of information across the financial services industry, he has helped to shape federal policy to strengthen our defenses. Among these accomplishments, Todd has been instrumental in helping to close gaps identified in Treasury’s Financial Services Sector’s Adoption of Cloud Services report and establishing a new model for public-private partnership through the establishment of the Cloud Executive Steering Group. If you are not already part of FSSCC, join the fight! Reach out to your government affairs or regulatory team about getting involved and we hope to see you at our next Joint Meeting in the spring. https://lnkd.in/gW8cdmZy

A special thank you to the members of the Cloud Executive Steering Group including Rohit Chopra (Director of Consumer Financial Protection Bureau (CFPB), William Demchak (Chairman, President & CEO – PNC), Michael Hsu (Acting Comptroller of the Currency (OCC)) and Graham Steele (Treasury Assistant Secretary for Financial Institutions) for taking the time to share updates of this critical work to our members. We were also honored to hear from Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department, who shared her perspective on the state of our industry in a discussion with Todd Conklin. While there are opportunities to share and celebrate wins along the way, there is still a lot of work to do to keep the sector safe from ever increasing threats. Thank all of our members who are leading or volunteering their time on the FSSCC Committees. If you are not already part of FSSCC, join the fight! Reach out to your government affairs or regulatory team about getting involved and we hope to see you at our next Joint Meeting in the spring. https://fsscc.org/

Congratulations to Deborah Guild, PNC’s head of enterprise technology and security, on being recognized as a 2023 American Banker Most Powerful Women in Banking. https://pnc.co/46iK8hI