From: Banking Technology
Greater information sharing and closer collaboration between the public and private sectors are needed to combat cyber-attacks, which are now the principal concern of the financial services industry, according to the DTCC.
A top priority should be the creation of global industry working groups to engage with national regulators on the development of cyber-security regulations that address the real-time and evolving nature of cyber-threats.
A record 84% 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 in March 2014. Furthermore, 33% ranked cyber-attacks as the number one systemic risk to the broader economy, up from 24% from March.
Despite progress in recent years, information sharing “remains insufficiently coordinated”, concludes the DTCC, which has published a white paper on the topic: Cyber-Risk: A Global Systemic Threat.
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