Mark G. Clancy, Managing Director, Technology Risk Management, and Corporate Information Security Officer of The Depository Trust and Clearing Corporation (DTCC), expressed support for The Cybersecurity Act of 2013 (SB 1353) and emphasized the need for more information sharing in his testimony during the July 25th Senate hearing on cybersecurity.
The bipartisan bill, co-sponsored by Sen. John “Jay” Rockefeller IV [D-W.V.] and Sen. John Thune [R-S.D.], provides for an ongoing, voluntary public-private partnership to improve cybersecurity, and to strengthen cybersecurity research and development, workforce development and education, and public awareness and preparedness, and for other purposes.
Clancy testified before members of the Senate’s Committee on Commerce, Science & Transportation on behalf of the Financial Services Roundtable, American Bankers Association and Securities Industry and Financial Markets Association. He provided information to the committee about the cyber risk landscape and the partnership between the National Institute of Standards and Technology, an agency of the U.S. Department of Commerce, and the private sector to improve cybersecurity.
“Cyber threats are a frequent reality and a potential systemic risk to the industry,” Clancy testified. “Our markets and financial networks are predicated on trust and confidence. The trusted transfers and transactions that occur hundreds of millions of times in a day are a fundamental pre-requisite for modern capital markets, investors, consumers, and governments to conduct business and drive our economic growth…The financial services sector recognizes the risks and views cybersecurity as a non-competitive area and has committed to working together to identify potential threats and techniques to mitigate them.”
Clancy emphasized that the broad sharing of information – across sectors and between the government and private sector – “is necessary to effectively prepare, recognize and respond to attacks that hit across sectors. As our adversaries evolve, techniques become more complex and coordinated attacks become commonplace, we need to advance our ability to respond in a collective, coordinated fashion.”
You can read Clancy’s full written testimony here.
Clancy serves on the Executive Committee of Financial Service Sector Coordinating Council and is vice chairman of the board of directors of the Financial Services Information Sharing and Analysis Center. @