Europol’s European Cybercrime Centre (EC3) has signed a memorandum of understanding (MoU) with the Financial Services Information Sharing and Analysis Center (FS-ISAC) to tackle cybercrimes within the financial services sector.

The partnership aims to improve law enforcement response by sharing intelligence on cybercriminals that target banks in the EU region.  It will also expedite cross-border cooperation necessary to identify and prevent such crimes.

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Additionally, EC3 and FS-ISAC plan to conduct training exercises and informational summits to improve overall awareness and resilience.

The two entities forged the partnership following the recent increase in sophisticated cyber-attacks across several countries and jurisdictions.

EC3 head Steven Wilson said: “Cybercriminals are increasingly targeting financial services and institutions to the cost of citizens and businesses across the EU.

“It is crucial to bring key stakeholders around the table to improve the coordinated response; this MOU with FS-ISAC builds a platform to allow us do exactly that.”

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FS-ISAC managing director Ray Irving said: “Accelerated global digitalisation combined with the growing sophistication of cybercriminals demands a more concerted approach from both the public and private sector.

“Through a collaborative peer-to-peer network, FS-ISAC and EC3 are enabling intelligence sharing to better safeguard the global financial system.”

FS-ISAC is a consortium which works to reduce cyber-risk in the global financial system. Headquartered in the US, it has around 7,000-member firms.

The entity is also a member of the Advisory Group on Financial Services, an initiative that enables financial institutions and law enforcement agencies exchange information.