Data Breaches Lift Cyber-Risk To Top 5 FI Concern

cyber risk

NEW YORK—The growing number of high-profile data breaches has now made cyber-risk one of the top five concerns among financial institutions worldwide, a new survey reports.

A study by the Depository Trust & Clearing Corporation (DTCC) shows a record 84% of respondents in DTCC’sSystemic 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.

Thirty-three percent of respondents, as well, ranked cyber-attacks as the number one systemic risk to the broader economy, up from 24% from March 2014.

“No institution – large or small, public or private – is immune to a potential cyber-attack,” said Mark Clancy, DTCC corporate information security officer. “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 defenses to dynamic community responses. This shift requires both the maturation of operational capabilities and public policy frameworks to be successful.”

DTCC has issued a white paper, Cyber-Risk: A Global Systemic Threat, that delivers recommendations to strengthen resiliency from cyber-attacks.

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Copyright Year: 2019
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