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Cybersecurity

Banks, Brokerages Join Effort to Save Client Data in a Cyber Attack

  • Banks, brokerages with 400 million accounts have joined group
  • For large banks, it costs $50,000 to join Sheltered Harbor
1496890838_hack hacker laptop

Photographer: Chris Ratcliffe/Bloomberg

On Wall Street, backing up data now comes with a code name.

Nearly three dozen banks are leading a group called Sheltered Harbor that’s designed to protect consumers’ access to their data in the event a financial institution is hacked. Banks, credit unions and brokerages representing 400 million accounts -- or 70 percent of U.S. retail accounts and 60 percent of U.S. brokerage accounts -- have signed up to be part of the effort, which went live earlier this year.