Client Cybersecurity Program
Cyber-attacks on financial institutions are becoming more frequent, complex and sophisticated, with the potential for far-reaching, systemic impacts, according to a white paper published by DTCC and Oliver Wyman.
In fact, financial services firms are targeted by cyber-attacks 300 times more frequently than businesses in other industries. To put that into numbers: The typical U.S. business is attacked 4 million times per year; the typical U.S. financial services firm is attacked 1 billion times per year. And all those attacks tally up a big cost to financial services firms, averaging $18 million per firm, per year.*
With statistics like that, it should be no surprise that cyber risk is rated as the number one threat to the financial industry, according to the recent DTCC Systemic Risk Survey, with more than a third of respondents (37%) citing it as the most significant risk and 69% ranking it within the top five risks.
In keeping with our goal of reducing risk, as well as providing certainty and reliability to the global financial system, DTCC is working closely with SIFMU clients to operationalize cybersecurity requirements while ensuring proper due diligence and relevant industry standards are being met. For more in-depth information about this initiative, you may click the FAQ’s (Frequently Asked Questions) and the Client Cybersecurity Program (PowerPoint Presentation) links on the upper left.
* “Laughing All The Way To The Bank: Cybercriminals Targeting U.S. Financial Institutions”, Forbes, August 28, 2018.