Our Perspective On Mitigating Risk:

LARGE-SCALE CYBER-ATTACKS ON THE FINANCIAL SYSTEM

The case for better coordinated response and recovery strategies

Cyber-threats against the financial sector have become more frequent, complex and sophisticated. The interconnectedness of individual players further heighten the risk of a large-scale cyber-attack.

Reducing the systemic impact of an attack requires a coordinated, cross-industry effort to develop and implement standards to mitigate the effect of a large-scale attack, according to a white paper published by DTCC and Oliver Wyman. The white paper calls for collective efforts to resolve current weaknesses, mainly related to specific cyber-scenarios and limited industry-wide testing, that could complicate the ability of banks and other financial institutions to react quickly to an attack.