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Cyber attack ranks as principal concern for global financial institutions, says DTCC survey

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Cyber security now ranks as the principal concern of the financial services industry, according to a survey by The Depository Trust & Clearing Corporation (DTCC). 

A record 84 per cent of respondents in DTCC’s Systemic Risk Barometer identified cyber-risk as one of their top five concerns – an increase of 25 points since the last survey was conducted in March 2014.
 
Furthermore, 33 per cent ranked cyber-attacks as the number one systemic risk to the broader economy, up from 24 per cent from March 2014.
 
DTCC has released a white paper, Cyber-Risk: A Global Systemic Threat, which identifies greater information sharing and closer collaboration between the public and private sectors as among the strongest defences to combat cyber-crimes. The paper finds that despite progress in this area in recent years, information sharing remains insufficiently coordinated.
  
“Building information partnerships among key stakeholders is critical to developing the most comprehensive and effective tools for promoting cyber-security across the financial system and in our critical infrastructures,” says Michael Leibrock, DTCC chief systemic risk officer. “The best way to achieve these alliances is through a truly coordinated and open approach across industries and national borders.  With concerns about the potential wide-spread impact of cyber-threats growing rapidly given the recent high-profile cyber attacks, our white paper provides a solid platform for greater discussion around this very real risk.”
 
The white paper provides global policy makers and the financial community with a number of recommendations to strengthen resiliency from cyber-risks. As a top priority, the paper calls for the creation of global industry working groups to engage with relevant national regulators on the development of cyber-security regulations that address the real-time and evolving nature of cyber-threats. In addition, the paper cites the need for those charged with developing strategies for cyber-security to shift the focus of programs from “check the box” security to actively hunting threats.
 
“No institution – large or small, public or private – is immune to a potential cyber-attack,” says Mark Clancy, DTCC corporate information security officer and CEO of Soltra. “All of us need to become agile in response to these rapidly evolving threats by being able to share information about attackers’ activities between multiple stakeholders and shifting the model from individual institution’s static defences to dynamic community responses. This shift requires both the maturation of operational capabilities and public policy frameworks to be successful.”

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