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.

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FINTECH’S IMPACT ON FINANCIAL STABILITY

DTCC and the financial services industry are actively exploring and implementing fintech to advance post-trade processing. Fintech innovations have the potential to transform the global marketplace and create cost and time efficiencies. However, they could also pose or exacerbate certain risks, including cyber security concerns and other third-party risks. Discover how we’re helping the industry assess potential risks as fintech innovations become more widely adopted.

 

Michael Leibrock, DTCC Managing Director, shares his perspective on how DTCC assesses and manages systemic risk.

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