Banks to wield Soltra Edge against hackers

by Cory Bennett - 11/04/14 5:50 PM ET

Major U.S. banks will soon activate a cyber-threat-sharing software known as Soltra Edge that is named after a medieval torch-passing system that warned of coming invaders.

Instead of barbarians looking for plunder, banks are watching for cyber thieves looking to pilfer personal information.

{mosads}Soltra Edge will give financial institutions a one-stop shop to report cyber threat information collected from myriad sources.

The software collects and analyzes the information, spitting out patterns and warnings.

The program was revealed in September, but banks on Tuesday announced a Dec. 2 launch date.

“Defending against today’s cyber threats and attacks often takes more than any one organization, it takes an industry working together,” said Kelly King, CEO of banking company BB&T. “We see Soltra Edge as a pivotal part of our community defense efforts.”

Banks say they have doubled and tripled their cybersecurity spending in the wake of a major breach at JPMorgan that exposed the information of 76 million households.

Soltra Edge is intended to help mitigate the rising costs.

“In the current environment, cyberattackers can use a few hundred dollars worth of software and the power of cloud computing to launch attacks that require exponential resources to defend and mitigate,” said Mark Clancy, CEO of Soltra, which developed Soltra Edge.

Two financial-sector trade groups banded together to fund the software, using the resources of more than a dozen major banks.

Banking regulators have been urging banks to buy into efforts like Soltra Edge. Some regulators have threatened heightened oversight if banks cannot boost their cyber defenses.

Tags Banks cybersecurity information sharing