Europol's European Cybercrime Centre (EC3) has signed a Memorandum of Understanding (MoU) with the European Banking Federation (EBF), pledging to co-operate when combating cyber threats.
The signing will see the two powers exchange expertise, statistics and other strategic information, and is designed to help combat "sophisticated phishing techniques" and "the spreading of a multitude of banking malware variations/permutations."
The strategic information will include the real-time exchange of data on incoming threats, malware and payment fraud campaigns.
Troels Oerting, Head of the European Cybercrime Centre (EC3), listed the move as a key step in the agency's ongoing battle against cyber crime and promised it will yield results in the very near future.
"Today marks an important day for both EU law enforcement and the banking industry. We have agreed to intensify mutual co-operation, respecting relevant national legislation, to jointly enhance our ability to prevent, prosecute and disrupt cyber crime against the financial sector," he said.
"This is more than a ceremonial gesture – this is the establishment of a trusted relationship aimed at achieving tangible results that will make life more difficult for criminals and life easier for the banking sector and all of us who use these important services."
Chief executive of the European Banking Federation Wim Mijs agreed, arguing that increased international co-operation is the only way to effectively combat next-generation threats.
"Our members already co-operate intensely with their own, national police authorities in order to fight with financial cyber crime," he said.
"Our partnership with Europol now adds a European dimension to this important work. International co-operation between banks and law enforcement bodies is essential because it is clear that criminals know no borders."
Increasing collaboration between the public and private sector when combating cyber crime is an ongoing goal of numerous industries and governments. The financial sector is one of the most developed industries to begin sharing threat data.
Managing director of cyber security at BAE Systems Applied Intelligence Scott McVicar called for other industries to follow the financial sector's example during an interview with V3 earlier in September.
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