Cyber security cited as top FS threat

Cyber security is now the number one risk to the financial markets, according to research by the Depository Trust & Clearing Corporation (DTCC). Forty six per cent of respondents in its most recent Systemic Risk Barometer Study cited it as their top concern and 80 per cent rated it as a top five risk overall.

That rating has almost doubled in just one year, with feedback citing the growth in the “frequency and sophistication of cyber attacks”. As a result, many market participants have increased their investment in technology to detect and prevent cyber threats, with the goal of ensuring “uninterrupted access to (threat) data.” At the same time, firms have increased hiring for cyber security roles and have provided greater training and educational opportunities across their organisations. “Cyber security threats continue to grow each and every day, as attackers become more sophisticated,” says Mark Clancy, MD, CISO Technology Risk Management, DTCC and CEO, Soltra. “With cyber security identified as the industry’s top risk, it is critical that we develop and implement solutions that enable the timely sharing of data to prevent incidents as well as to promote faster incident detection and response.”

Respondents also flagged up geo-political risk, local market policies, the impact of new regulations, and a global economic slowdown as additional areas of systemic risk. In fact, 73 per cent indicated they have increased the amount of resources dedicated to identify, monitor and mitigate systemic risk, a continued trend.

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