Banks and insurance companies have announced that they will team up to fight cyber-crime by creating a new organisation which will oversee efforts to combat cyber-criminals. The new venture is backed by 20 large banks, insurers and security exchanges. It is scheduled to be launched early next year.

Called the Financial Sector Cyber Collaboration Centre (FSCCC), the organisation is backed by several banks, insurers and securities exchanges. The body is the brainchild of UK Finance, an amalgamation of six financial trade institutions. The centre will be working with the National Cyber Security Centre (NCSC) and National Crime Agency (NCA).

In a speech given at UK Finance’s second annual industry dinner in London, its chairman Bob Wigley, said that the serious daily reality of cyber-attack from organised and sophisticated criminals and state actors is “real and never far from the headlines. “That’s why UK Finance is working closely with our members, the Bank of England, GCHQ and the National Cyber Security Centre to address this clear and present danger.  UK Finance was mandated to create a new Financial Services Cyber Collaboration Centre, capable of addressing cyber-threats as they emerge in a “faster, more coordinated and effective way”.

Stephen Jones, UK Finance CEO, said “Cyber is like Nato, an attack on one is an attack on all. Let’s redouble our efforts to collaborate, not compete. The new initiative will require those participating to trust each other.”