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Associated with Financial Services ISAC (FS-ISAC), the new FSARC works more closely with government partners for deeper threat analysis and systemic defense of financial sector. In tandem with its long-standing intelligence-sharing organization, the American financial services industry has formed an organization working on its strategic, systemic cyber-defense and resilience.

The formation of this new Financial Systems Analysis and Resilience Center (FSARC) was announced by the Financial Services Information Sharing and Analysis Center (FS-ISAC), today.   FSARC is the brainchild of eight large banks that are members of FS-ISAC - Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street, and Wells Fargo.

Through FSARC, large banks will have "closer collaboration" with government partners in the FBI, Department of Homeland Security, and US Department of Treasury.  While FS-ISAC continues to be focused on distributing timely information about active threats, FSARC will take a longer view -- performing deeper analysis to create long-term strategies to address systemic risks across financial products and practices. As Andrew Hoerner, FS-ISAC vice president of communications explains, "FS-ISAC is focused on real-time threat intelligence sharing for incident response and prevention.

FSARC is focused on proactive analysis at a meta level to identify and analyze threats and risks across the sector and come up with solutions to prevent emerging threats and risks." FSARC will use the same "circle of trust" membership model used by FS-ISAC. Bank of America’s Siobhan MacDermott and JPMorgan’s Greg Rattray will serve as interim Co-Presidents "until the center reaches full operational capability."  The formation of FSARC comes on the heels of (but not in response to) US bank regulators' releasing draft rules for cybersecurity that would require financial services organizations to (among other things) recover from any cyberattack within two hours, and finance leaders at a G7 meeting pushing a global financial cybersecurity framework.   Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events.

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Iain Farrellreader comments 29 Share this story We've seen some pretty strange intellectual property litigation in our day. We can now check off one of the dumbest IP lawsuits we've seen in a while.

That's because Citigroup and AT&T resolved a trademark dispute Monday concerning how they each said thanks to their customers. Banking behemoth Citigroup had trademarked "THANKYOU" and then sued AT&T over how the technology giant thanked its own loyal customers.

Citigroup called it trademark infringement, amounting to "unlawful conduct" in a federal lawsuit lodged against AT&T this summer. A federal judge ruled she wouldn't block (PDF) AT&T from thanking its customers pending a trial. US District Judge Katherine Forrest of New York also ruled that Citigroup likely wouldn't win at a trial.
It's essentially a dispute in which AT&T is being accused of creating consumer confusion because it says "THANKYOU" in a manner similar to how Citigroup says "THANKYOU" to its customers. We're not making this up, either. Here's a copy of Citibank's lawsuit (PDF) lodged in June. Here is a copy (PDF) of the trademark certificates and trademark applications connected to what Citigroup is calling its "THANKYOU Marks." And not to be outdone by Citigroup, AT&T applied (PDF) to trademark the phrase "AT&T Thanks" and lodged a counterclaim (PDF) against Citigroup. Counterclaimant AT&T seeks declaratory relief from this Court to prevent Citi from attempting to monopolize for its own exclusive use the common English phrase “thank you.” Citi claims to own a number of THANKYOU-formative marks, and asserts that its ownership of these alleged marks entitles it to prevent AT&T from using the word “thanks” for products and services in an industry wholly unrelated to Citi’s credit card business.
In particular, Citi alleges that AT&T’s use of AT&T THANKS for its customer appreciation program infringes Citi’s rights in its alleged marks. Both sides on Monday seemingly came to their senses on this issue and have agreed (PDF) to drop the litigation.