Joint Trades Letter Encourages Credit Unions, Banks to Join Sheltered Harbor

The CEOs of six major financial industry trade groups wrote to the CEOs of all U.S. banks and credit unions today with “one simple message: Join Sheltered Harbor.”

A non-profit subsidiary of the Financial Services Information Sharing and Analysis Center, Sheltered Harbor was created to protect customers, financial institutions, and public confidence in the financial system if a catastrophic event like a cyberattack causes critical systems—including backups—to fail. Implementing the Sheltered Harbor standard prepares institutions to provide customers timely access to balances and funds in such a worst-case scenario. As of March, Sheltered Harbor members accounted for 71% of U.S. deposit accounts and 55% of U.S. retail brokerage client assets.

“The reason for Sheltered Harbor is simple: once improbable threat scenarios are now plausible,” the CEOs said. “In response, traditional business continuity and disaster recovery planning is not enough. The only way to minimize the impact of a devastating disruption is to prepare for it. Implementing the Sheltered Harbor standard prepares institutions to provide customers timely access to balances and funds in such a worst-case scenario.” Read the letter. Join Sheltered Harbor.

The six financial trade groups that signed the letter are the American Bankers Association, Bank Policy Institute, Credit Union National Association, Financial Services Forum, Financial Services Information Sharing and Analysis Center, and Securities Industry and Financial Markets Association.

Read the letter.