Scott Jones, head of the Canadian Centre for Cyber Security, wants banks to share more information with the government to stop hackers. Jones made the pitch at a summit held by the Canadian Bankers Association (CBA) in Toronto on Thursday. The CBA is “strongly supportive” of the new approach. (Financial Post)
Talking point: In May 2018, CIBC and BMO revealed they were being held ransom by a hacker who had stolen account information from a combined 90,000 consumers. Jones is proposing a system where that kind of last-minute public disclosure isn’t needed because banks will share more information with the new cybersecurity centre to stop attacks early. Jones promised banks anonymity if they cooperate. This new system could allow banks to offset some cybersecurity costs to the federal government. However, that’s contingent on bank confidence that the new centre—which was only established in October 2018—is up to the task of preventing cyber threats.