Cyber attacks in the securities market? Hold on, I thought it was just a payments problem …
We know that the cyber criminals are hungry, smart and coordinated. We have seen the level of sophistication and the impact of cyber attacks rising, and the risk is that the securities market may be next.
It’s high concentration of high value assets, its complexity with many entry points and its reliance on centralised critical functions make the custody and securities value chain particularly susceptible to disruption / ransom, asset theft, information theft and/or market manipulation.
But what are the specific risks? Does the inherent complexity help or hinder attacks? Are there cyber best practices that we can reuse and adopt? Do we need an industry standard incident response playbook for the custody value chain, or can we rely on payments to do all the heavy lifting?
This session highlights the major findings from the ISSA Cyber Working Group which identified the major cyber security risk for the securities market.