DTCC Connection

Nov 01, 2013 • DTCC Connection

Maintaining a Resilient and Secure Cyber Environment at DTCC

Cyber security is considered among the leading systemic threats facing the global financial industry. In a survey conducted by DTCC earlier this year, 53% of industry leaders ranked cyber threats as a top concern in mitigating systemic risk.

In a recent white paper, Beyond the Horizon: A White Paper to the Industry on Systemic Risk, DTCC cautions that cyber-attacks are likely to escalate and become more sophisticated in the future. These threats, which can take the form of Distributed Denial of Service (DDoS) attacks, attacks against systems containing transaction records as well as risk of disclosure of restricted, confidential or Material Non-Public Information via compromise of internal systems, have the potential to cause massive financial and reputational harm to the industry and the loss of confidence in market availability and integrity, among a host of other issues.

Recently, Mark Clancy, DTCC Managing Director of Technology Risk Management and Corporate Information Security Officer sat down with @dtcc to talk about how DTCC secures the vast amount of data it receives and holds; new trends in cyber security; public policy and legislation; lessons learned from other sectors; and what cyber threats keep him awake at night.

Clancy is a recognized expert on cyber security and has testified before Congress on the importance of building strong public-private partnerships to enhance information sharing on new and emerging threats. In addition, he 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.

1. How DTCC protects the enormous amounts of sensitive financial information it holds on behalf of clients.
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2. The kinds of threats to the infrastructure that keep him awake at night.
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3. The latest trends developing with actors in the cyber security space.
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4. How financial firms can protect their own information from cyber criminals.
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5. The role of the Financial Services Information and Analysis Center (FS-ISAC) and the Financial Services Sector Coordinating Council (FSSCC) in shaping federal public policy of cyber issues.
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6. The key elements in cyber-related legislation in the US and Europe
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7. Lessons learned from other sectors that may be beneficial to the financial services industry.
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