Fifth Third launches high-tech center to fight cybercrime

    <p>Fifth Third Bank opened its cyber fusion center at its headquarters in December to help it fight cybercrime. (Chris Hughes/Cincinnati Business Courier){/p}

    CINCINNATI (Cincinnati Business Courier) - Cybercrime is a nearly $500 billion a year global industry and growing at a 30 percent annual clip.

    With the bad guys marshaling that many resources at stealing information like bank account data, Fifth Third Bank has opened a high-powered new facility at its headquarters complex in downtown Cincinnati to fight cybercrime.

    It remodeled a section of one floor to create a 14,500-square-foot cyber fusion center. It essentially works like “a command and control center,” said Jude Schramm, chief information officer at Fifth Third (Nasdaq: FITB), the largest locally based bank and the nation’s 16th biggest.

    “We’ve done this kind of work for a decade,” Schramm said. “But we haven’t had an environment where we can bring in third parties from the banking industry or UC (the University of Cincinnati) or NKU (Northern Kentucky University).

    “They (cybercriminals) are significantly funded and working at a pace we need to keep up with.”

    To take a look inside the center and learn more about Fifth Third’s cybercrime efforts, read the full story from the Cincinnati Business Courier.

    Cincinnati Business Courier is a Local 12 News partner

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