New York, NY – February 12, 2014
– The Depository Trust & Clearing Corporation (DTCC) today participated in the White House release of the National Institute of Standards and Technology (NIST) Cybersecurity Framework. The Framework represents the efforts of the public and private sectors working collaboratively and consists of best practices and guidelines to assist the private sector to reduce cyber risks.
"The NIST Cybersecurity Framework represents a milestone achievement,” stated Michael Bodson, Chief Executive Officer and President, DTCC. “It is the result of a year-long public-private partnership, which plays a key role in the financial services industry’s ability to identify threats, respond to cyber incidents and coordinate with government partners. DTCC is pleased to have worked with the Administration and colleagues across industries to help develop these voluntary guidelines and we look forward to leveraging the Framework as a means to help reduce cyber risks to our nation’s critical infrastructure.”
Mr. Bodson and Mark Clancy, DTCC’s Chief Information Security Officer, attended the launch event held at the White House. Denis McDonough, White House Chief of Staff, and the Cabinet Secretaries for Commerce and Homeland Security were also in attendance.
In February 2013, President Obama issued Executive Order 13636
and tasked NIST – a federal agency under the purview of the U.S. Department of Commerce dedicated to advancing measurement science, standards, and technology in ways that enhance economic security – to convene the private sector to develop a framework to improve critical infrastructure cybersecurity. DTCC actively participated in the development of the Framework and worked closely with NIST and the Financial Services Sector Coordinating Council to ensure current industry best practices were incorporated into the new standards.
“The Framework provides a flexible and dynamic approach to enhancing cybersecurity and serves as a solid foundation to address the risks associated with cyber threats,” explained Mr. Clancy. “The financial services industry clearly recognizes the broader systemic risks that could result from a cyber attack and the implementation of the Cybersecurity Framework is an important step in mitigating this for the vital infrastructures across all sectors.”
DTCC has long identified cybersecurity as a key component of mitigating emerging risks within the financial system and the global economy more broadly. In an August 2013 white paper
, DTCC identified cyber threats as one of the key systemic risks facing global financial markets and associated infrastructures.
For more information, please see the NIST Cybersecurity Framework
DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.