Fear of cyber-attacks drives increased belief in FS sector 'high-impact event'

Fear of cyber-attacks drives increased belief in FS sector 'high-impact event'

Over 60% of risk managers at financial services firms think that the probability of a "high-impact event" on the global system has increased over the last six months, with worries about cyber-attacks driving the rising jitteriness, according to a Depository Trust & Clearing Corporation survey.

Of the risk managers quizzed for the latest DTCC systemic risk barometer survey, 61% think that the chances of an event that would have huge negative consequences has increased in recent months.

Top of the list of worries is the threat of a cyber-attack, cited by 70% of respondents as a top five risk, rising to 77% in North America. Says one unnamed respondent: "Cyber risks appear to be multiplying while controls to address these risks may not be able to keep up with the continually escalating threats."

According to Mark Clancy, CEO of Soltra, a joint venture between the DTCC and the FS-Isac, firms are responding by putting in extra resources to tackle the cyber threat, with a focus on collaboration and information sharing.

After cyber-attacks, geopolitical risk and the impact of new regulations are identified as the second and third highest risks globally, cited by 50% and 41% of all respondents.

In response, 72% say their firms have increased the amount of resources dedicated to identifying, monitoring and mitigating systemic risks over the past year - continuing a trend identified in previous surveys.

Comments: (0)