More than 100 industry experts from the U.S. banking and financial services industry quietly collaborated on a groundbreaking cyber resilience initiative dubbed Sheltered Harbor earlier this year.
The initiative provides its members with an extra layer of security. If a catastrophic cyber attack brings down a member bank, then another bank takes over.
How Sheltered Harbor works
The Sheltered Harbor website explains how its members participate, which is strikingly simple and ingenious:
- All participating institutions, on a regular basis, make a copy of the consumer's account data in a standard format, which enables the restoration of accounts in the event of a major outage.
- The account data is archived in a secure data vault that is protected from alteration or deletion. The data will stay intact and accessible if needed — exactly as when it was archived.
- All participating institutions update their adherence reviews to ensure that the Sheltered Harbor standards are exercised consistently and in accordance with Sheltered Harbor specifications.