NEW YORK (10/28/14)--In a recent survey of global financial services firms, a record 84% identified cyberrisk as one of their top five concerns--a jump of 25 points since the March poll by the Depository Trust and Clearing Corp. (DTCC).
A full third ranked cyberthreats as the No. 1 systemic risk to the broader economy, up from 24% in March.
Further, 37% of respondents said that the probability of a high-impact event in the global financial system has increased during the past six months, DTCC's most recent Systemic Risk Barometer found.
"No institution--large or small, public or private--is immune to a potential cyberattack," said Mark Clancy, DTCC corporate information security officer. "All of us need to become agile in response to these rapidly evolving threats by being able to share information about attackers' activities between multiple stakeholders and shifting the model from individual institution's static defenses to dynamic community responses."
In light of the increased concerns, 76% of all respondents reported they have increased the amount of resources dedicated to identifying, monitoring and mitigating systemic risks over the past year.
"It is necessary to stress that cyberthreats are dynamic by their very nature," the paper's authors noted. "DTCC recognizes that the systemic risk posed by cyberthreats can only be mitigated by a truly coordinated approach that includes both the private and the public sector across industries and national borders. We must defend collectively or we will fail individually."