Establishes Standards
To increase the resiliency of each participating institution
Promotes Adoption
Of the Sheltered Harbor standards by financial institutions
Monitors Adherence
To the standards so that consumers benefit from the added protections
What is Sheltered Harbor?
An extra layer of protection against potential significant cyber risk
Industry Response
Financial Services industry trade groups and leaders, along with core processing providers, have established new resiliency capabilities. These ensure that consumers will be able to access their financial accounts - even if their bank or brokerage becomes inoperable.
Standard Data
All participating institutions, on a regular basis, make a copy of the consumer's account data in a standard format, which enables the restoration of accounts in the event of a major outage.
Secure Vault
The account data is archived in a secure data vault that is protected from alteration or deletion. The data will stay intact and accessible if needed - exactly as when it was archived.
Monitored Regularly
All participating institutions update their adherence reviews to ensure that the Sheltered Harbor standards are exercised consistently and in accordance with Sheltered Harbor specifications.
Why Sheltered Harbor?
Enhanced resiliency provides additional protections for customer accounts
Loss of critical processing capability due to cyber or operational events is a persistent reality
Inability to access account status has major implications for consumer confidence and financial system stability
Consumers must retain access to their financial accounts with minimal disruption
