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Banks launched project that protects backup data against major hack

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Banks launched project that protects backup data against major hack

Sheltered Harbor, a project aimed to ensure banks have a secure, unalterable backup in case of a major hack, went live earlier this year, The Wall Street Journal reported Dec. 3.

The effort includes banks and credit unions with roughly 400 million U.S. accounts. To join the project, member firms will need to make annual payments, based on their size, ranging from $250 to $25,000, the Journal wrote. The member companies will individually back up data following specific guidelines, making them available for use by other companies to serve customers of a disabled bank.

Goldman Sachs Group Inc. Chief Operational Risk Officer Phil Venables and former Morgan Stanley COO James Rosenthal, who were the proponents of the project, now serve as co-chairs of Sheltered Harbor, the publication wrote. Sheltered Harbor's board consists of 34 members from big and small banks, trade associations, clearinghouses and broker/dealers.