Cyber risk beats out Donald Trump as FS industry's top concern
08 November 2016 | 6055 views | 0
Cyber risk is seen as a bigger risk to the global financial system than a Donald Trump presidency or Brexit, according to a Depository Trust & Clearing Corporation (DTCC) survey.
The poll of players in the global financial services sector finds that 22% think cyber risk is the single biggest threat to the industry and 56% rate it a top five concern.
While firms continue to make significant investments in cyber security defences, respondents say that the growing sophistication of the attackers means the industry could still be at greater risk.
Says one: "A cyber attack against a key market participant could precipitate systemic risk and de-stabilise markets."
Meanwhile, the outcome of today's US presidential election is a top five concern for 50% of those polled, while Brexit makes the list for 33%.
"While cyber threats and geopolitical concerns are distinct risk categories, they can also converge and materialise in combination with each other," says Michael Leibrock, chief systemic risk officer, DTCC.
"Several respondents rightfully point to the growing incidence and sophistication of state-sponsored cyber attacks as a particularly worrisome trend that is emerging at the intersection of both areas of risk."