2018 Winner Profile

Sheltered Harbor

Project Description:
Sustaining more cyberattacks than any other sector, the financial industry realized its backup plans were insufficient to handle large-scale data loss or institutions taken down by cyberattacks. Stepping in to solve this critical issue is Sheltered Harbor, a nonprofit, founded by 34 financial institutions, industry trade groups and leaders, brokerages, along with core processing providers, with a mission to safeguard consumers and the financial sector from cyber and physical attacks. Bringing together a cross-section of over 100 financial industry experts, Sheltered Harbor has collaboratively designed the Sheltered Harbor Specification, an innovative, reliable and secure set of additional protections for consumers and financial institutions in the form of a secure data vault accompanied by an encryption scheme and adherence framework. Since making the market aware of its initiative in November 2017, the number of participants in Sheltered Harbor has increased from 34 to 60. Sheltered Harbor's long-term objective is to have 100 percent of U.S. consumer financial accounts under the protection of the Sheltered Harbor specifications. In 2018, Sheltered Harbor is extending its standards to safeguard investors by including brokers and asset managers.
Business Goal:
Customer Experience, Financial Impact, Security & Risk Management
Carlos Recalde, President and COO
Trey Maust, CEO, Sheltered Harbor
Reston, Va.
Financial Services (e.g. Banking, broker and Dealers, Exchanges)
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