ISA At Work In The Financial Services Sector
The Department of Treasury is designated as the Sector-Specific Agency for the Financial Services Sector. ISA members BNY Mellon, Synchrony Financial,American International Group, Inc. (AIG) and United Services Automobile Association (USAA) represent the Financial Services Sector.
The Bank of New York Mellon Corporation, BNY Mellon, is an American multinational banking and financial services corporation operating in six primary financial services sectors including advisory services, asset management, asset servicing, broker-dealer, issuance services, treasury services and wealth management.
Synchrony Financial is a consumer financial services company offering consumer financing products, including credit, promotional financing and loyalty programs, and installment lending, and FDIC insured savings products through Synchrony Bank, its wholly owned subsidiary.
The United Services Automobile Association (USAA) is a Texas-basedFortune 500 diversified financial services group of companies and subsidiaries offering banking, investing, and insurance to people and families that serve, or served, in the United States military.
American International Group, Inc. (AIG), is an American multinational insurance corporation operating AIG Property Casualty, AIG Life and Retirement and United Guaranty Corporation (UGC).
ISA understands that the Financial Services industry is both one of the major targets of cyber attacks and one of the greatest resources of expertise for fighting cyber crime.
Two of ISA’s past Board Chairmen have been from the financial services industry: Paul Smocer, VP of Mellon Financial (now BNY Mellon), and Ty Sagalow of Zurich Insurance.
ISA has historically focused on the financial aspects of cyber security as well as the technical and public policy issues. Following the publication of the “Financial Impact of Cyber Risk: 50 Questions Every CFO Should Ask” (link to location on “Publications” page), ISA was asked to brief the Federal Deposit Insurance Corporation (FDIC) on the ISA approach to cyber security.
ISA is currently extending this analysis through a series of nationwide workshops on the financial management of cyber risk, with an event in New York City that is being scheduled for January 2013 that focuses specifically on what can be learned from the financial services industry.