FS-ISAC Releases Critical Guidance on Subsea Cable Risks for Financial Firms

Reston, VA, US, December 12, 2024 – FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, today has published its Risk and Resilience Report: Subsea Cable Infrastructure, highlighting the critical role of subsea cables and their impact on operations for financial institutions. These fiber optic cables, responsible for transmitting over $10 trillion in financial transactions daily, are vital to the seamless operation of the global economy. FS-ISAC’s guidance underscores the risks to these cables, including physical attacks, natural disasters and cybersecurity threats, and offers actionable guidance for financial firms to bolster their resilience to potential disruptions.

Subsea cables support 95% of international data transfers, yet they are vulnerable to numerous risks. Disruptions can lead to the interruption of financial services, communications and internet connectivity. A recent incident in the Baltic Sea and in regions such as Taiwan, the Red Sea and West Africa illustrate the severe consequences of cable damage, including prolonged outages and economic losses. 

The report equips financial firms with insights to proactively plan for and mitigate these risks, including:

• Assess Regional Subsea Cable Infrastructure: Identify subsea cables critical to operations and evaluate the redundancy and resilience of these networks in key regions.
• Evaluate the Impact on Core Business Functions: Identify core services that rely on subsea cable connectivity, including outsourced services and international data transfers.
• Develop Resilience and Contingency Plans: Incorporate subsea cable disruption scenarios into an organization’s risk management strategy and disaster recovery plans.

“Subsea cables are essential infrastructure, enabling 95 percent of international data transfers,” said Cameron Dicker, Director of Global Business Resilience at FS-ISAC. “Our guidance equips financial firms with the knowledge needed to proactively assess vulnerabilities and ensure the continuity of critical operations.”

The report is available for download here.  

About FS-ISAC

FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization’s real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector’s collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.

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