BANKING AND FINANCE SECTOR TO PARTICIPATE IN TRUSTED INFORMATION SHARING NETWORK Sydney, 7 August, 2003: The banking and finance sector is to play an important role in the Federal Government’s Trusted Information Sharing Network (TISN) for Critical Infrastructure Protection.   The Banking and Finance Infrastructure Assurance Advisory Group (BFAG), chaired by the Australian Bankers’ Association, has been formed to participate in the TISN. Other important sectors such as transport, health, energy and utilities will also participate in the TISN.   David Bell, Chief Executive of the Australian Bankers’ Association (ABA), said this is a significant opportunity for the Federal Government and the banking and finance sector to work together on a national approach to critical infrastructure protection.    “The Australian community and economy are reliant on the provision of robust and resilient infrastructure, such as the banking system. The private sector owns most of the critical infrastructure and has the primary responsibility for security of those assets.”   “In order to make informed decisions as to the level of investment in risk mitigation, the private sector requires current and relevant information on generic threats and vulnerabilities in their own industry segments and an understanding of the risks posed to them by their dependence on other critical infrastructure.”   Mr Bell said the banking and finance sector had previously expressed concerns regarding protection of customer data before agreeing to participate in the TISN, but this issue has now been resolved with the Attorney-General.   BFAG will share information in relation to generic threats in the banking and finance sector and the focus will be on preventative measures. These generic threats are to be communicated to the BFAG by the appropriate Federal Govt agency, State or Territory Police or by agencies in conjunction with each other. Information shared will not include customer data and discussions will not be held that would be in contravention of any legal obligation.   The BFAG will work with the Government’s Critical Infrastructure Advisory Council (CIAC).  The ABA will represent BFAG on the CIAC.     Membership of the BFAG includes: ANZ, AMP, Australian Association of Permanent Building Societies, Australian Bankers’ Association, Australian Finance Conference, Australian Payments Clearing Association, Australian Stock Exchange, International Banks and Securities Association, Commonwealth Bank, Deutsche Bank, Macquarie Bank, Insurance Australia Group, National Australia Bank, Sydney Futures Exchange and Westpac Banking Corporation.   Background information for editors:   The Federal Government formed the TISN in April 2003 because it recognised the need to share information on threats and vulnerabilities relating to critical infrastructure. This is the infrastructure which underpins Australia's essential services, such as telecommunications, transport and distribution, energy and utilities, and banking and finance.   The new network will allow the owners and operators of critical infrastructure to share information on important issues such as business continuity, consequence management, information system attacks and vulnerabilities, e-crime, protection of key sites from attack or sabotage, chemical, biological and radiological threats to water supplies, and the identification and protection of offshore and maritime assets.   It will involve a number of advisory groups for different business sectors, including transport, emergency management, energy and utilities, banking and finance and telecommunications. The process will also cover critical health facilities. The advisory groups will give further consideration to any need for industry research on imminent threats and possible solutions. For further information:   Heather Wellard ABA Public Relations Phone: 02 8298 0411 Mobile: 0409 830 439   ENDS