On Tuesday, at the 2019 LA Cyber Lab Summit, The City of Los Angeles announced their business partnership with IBM Security and TruSTAR to help local businesses collaborate to fight cybercrime. This partnership will provide all LA businesses a mobile application for reporting suspicious emails and a threat intelligence sharing platform powered by TruSTAR.
This partnership is unique because it brings together public and private sector companies to come together and exchange threat intelligence. As the second largest city in the U.S., the City of Los Angeles is setting an example for how cybersecurity can executed as a holistic effort between citizens and businesses.
According to Malwarebytes Q1 2019 Cybercrime Tactics and Techniques Report, ransomware attacks increased by 500% in 2018 alone. Major organizations are taking notice as public and private sectors are establishing more sharing communities and partnerships like these to facilitate secure flow of information between each other.
The centerpiece of this collaborative effort is the new threat sharing platform called the LA Cyber Lab Cyber Threat Intelligence Sharing Platform (TISP), which is powered by TruSTAR. "This platform makes it easy for citizens to share their spear-phishing concerns and educate themselves on the latest business email compromise (BEC) or ransomware campaigns," said IBM in a new announcement. "For example, if a user submits a suspicious email, the platform reviews the email and extracts key information to search 25+ common and unique data sources to indicate the level of risk."
TruSTAR, IBM, and LA Cyber Lab worked with City National Bank as well as city municipalities and services including the utilities, financial, healthcare, entertainment, and critical infrastructure sectors to share unique threat insights about cyberattacks, business email compromise (BEC) data and phishing to assist businesses in the LA-area functioning without proper cybersecurity resources.
By automatically ingesting, enriching, and normalizing threat data across different security tools and feeds, TruSTAR is able to make sense of and reveal correlations between vast amounts of security data. This is one of the primary reasons why IBM has chosen to partner with TruSTAR for this new initiative.
"Cities need to be looking at the root of the problem rather than dealing with threats such as ransomware as one-off situations," said Wendi Whitmore, Vice President X-Force Threat Intelligence, IBM Security in a blog post. "Taking preventative steps to strengthen cybersecurity in cities now, can help them prepare for, and protect against, issues in the future. These attacks have reached the point where governments need to place an importance on them and develop response plans, similar to how they handle state of emergencies."
TruSTAR is an intelligence platform that helps organizations leverage multiple sources of threat intelligence and fuse it with historical event data to prioritize and enrich investigations. Built for security and fraud teams, TruSTAR uses machine learning and automation to operationalize data throughout an analyst’s workflow, freeing up time for higher-priority events. The most valuable security data is often locked inside silos in and across companies. TruSTAR breaks down these silos with its Enclave knowledge management architecture. Enclaves give complex teams customization, integration, and granular access controls that enable collaboration. TruSTAR is the technology infrastructure that powers many of the U.S.’s largest ISACs and ISAOs, and has enterprise customers that span across Finance, Retail, Healthcare, Aerospace, and IT. Learn more at www.trustar.co and follow us on Twitter at @TruSTARtech.