Cloudflare Partners with US Treasury and PNNL to BolsterFinancial Sector Cybersecurity

Cloudflare partners with the US Department of Treasury and Pacific Northwest National Laboratory to share advanced threat intelligence and improve cyber resilience in the financial services industry. The partnership aims to combat growing cyber threats, including DDoS attacks, by providing financial institutions with privileged access to threat intelligence and automated DNS filtering.

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Nitish Verma
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Cloudflare Partners with US Treasury and PNNL to BolsterFinancial Sector Cybersecurity

Cloudflare Partners with US Treasury and PNNL to BolsterFinancial Sector Cybersecurity

Cloudflare, Inc. (NYSE: NET) has announced a partnership with the US Department of Treasury and Pacific Northwest National Laboratory (PNNL) to share advanced threat intelligence and improve cyber resilience in thefinancial services industry. The collaboration comes as the Banking, Financial Services, and Insurance (BFSI) industry faces a surge in cyberattacks, with Cloudflare observing a 57% year-over-year growth in HTTP DDoS attack requests targeting the sector in Q1 2024.

Why this matters: This partnership is crucial in protecting the financial sector from cyber threats, which can have devastating consequences on the economy and national security. As the frequency and sophistication of cyberattacks continue to increase, such public-private partnerships will play a vital role in safeguarding the nation's critical financial infrastructure.

The partnership aims to combat the growing threat of DDoS attacks and other cyber threats by providing US financial services institutions with privileged access to advanced threat intelligence through Cloudflare's Custom Indicator Feed. The feed collects insights from the Treasury and federal government's exclusive sources, enriched by Cloudflare's own threat intelligence gained from its unique visibility across internet traffic.

Matthew Prince, co-founder and CEO of Cloudflare, emphasized the significance of the partnership, stating, "The bank heists we watch in movies have modernized. With an increase in consumer banking done online post-pandemic, and the current geopolitical situation, cyberattacks on financial institutions have an outsized impact on how our country functions."

Financial institutions can integrate the approved threat intelligence feeds directly into their Cloudflare dashboard and implement automated DNS filtering policies using Cloudflare Gateway. This ensures that their employees are protected from malicious links and phishing attempts targeting financial services organizations. The offering is available at no cost to any financial institution recognized by the Department of Treasury that currently uses Cloudflare Gateway.

Todd Conklin, Treasury Chief AI Officer and Deputy Assistant Secretary Cybersecurity and Critical Infrastructure Protection, highlighted the importance of the collaboration, stating, "Treasury sees Cloudflare and PNNL as critical partners in our strategy to develop a more modern proactive defense posture." The partnership is part of the White House's National Cybersecurity Strategy, announced in 2023, which aims to defend critical infrastructure and dismantle threat actors in close cooperation with the private sector.

Cloudflare's network spans more than 320 cities, and its widely used public DNS resolver, 1.1.1.1, is used around the world. The company is used by nearly 20% of all websites and routinely sees security threats and attacks by actors earlier than competitors. Cloudflare has also signed onto the Cybersecurity and Infrastructure Security Agency (CISA) Secure By Design pledge to catalyze collective action around secure by design principles.

The Cloudflare, US Department of Treasury, and PNNL partnership marks a significant step forward in bolstering the cybersecurity of the financial services industry. By sharing advanced threat intelligence and enabling automated DNS filtering, the collaboration aims to enhance the sector's resilience against the growing threat of cyberattacks. As the frequency and sophistication of these attacks continue to increase, such public-private partnerships will play a crucial role in safeguarding the nation's critical financial infrastructure.