Europol unit European Cybercrime Centre (EC3) has signed a MoU with Cyber Defence Alliance (CBA), a group comprising British banks and law enforcement agencies, to help banking industry effectively counter cyber threats.

Under the arrangement, both the entities will share intelligence and work together to mitigate cyber attacks on banks and other financial institutions.

They also agreed to exchange statistical data, technical information and cyber crime related trends.

Europol EC3 head Steven Wilson said: “The Cyber Defence Alliance is a valuable partner for the EC3 and the signing of this MoU illustrates the logical next step in our mission to jointly tackle the threat of cybercrime.

“CDA does important work in facilitating the sharing of information on cybersecurity incidents and is thus an essential partner in securing the global digital space.”

Under the agreement, EC3 and CBA will also assist each other while implementing projects.

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CDA CEO Maria Vello said: “For us, EC3 is an invaluable strategic partner and critical to our quest to fight cybercrime and threats collectively and collaboratively across Europe and globally.

“EC3 adds a whole new dimension to the CDA to help enable our mission and to take a proactive approach to tackling cybercrime at all levels of this miscreant ecosystem of shared criminal services.

“Through our cooperative efforts we will be able to help ensure a safer cyber future.”