Client Cybersecurity Program
Cyber-attacks on financial institutions are becoming more frequent, complex and sophisticated, with the potential for far-reaching, systemic impacts. These attacks threaten the safety and soundness of the global financial services industry and require both individual financial institutions and the financial services industry as a whole to collaborate to implement effective cybersecurity governance and controls.
Financial institutions experience cyber-attack activity 300 times more frequently than businesses in other industries resulting in a significant cost to financial institutions, averaging $18 million per institution, per year.
According to the 2022 DTCC Systemic Risk Survey, 59% of respondents included cybersecurity in their top 5 risks, with 24% citing it as the number one risk impacting the global financial system in 2022.
In keeping with our goal of reducing risk and enhancing the cybersecurity preparedness of the financial services industry, DTCC is working closely with its clients to raise the level of assurance that industry-accepted cybersecurity requirements are being met and enhance the safety and soundness of the financial system. For more information about this Program, you may review the FAQ’s (Frequently Asked Questions).
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