20 October 2017
visit www.avoka.com

Cyber risk beats out Donald Trump as FS industry's top concern

08 November 2016  |  6152 views  |  0 cyber attack

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
Register nowvisit www.capgemini.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15877 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8992 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8104 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7172 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6312 views comments | 6 tweets | 3 linkedin

Featured job

circa £250K total package

Find your next job