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Customer Cyber (Fraud) Risks in Securities Services

 

Working Group Chair:
Andy Smith, BNY Mellon

Stream-Leaders:
Thomas Koch, SIX
Brett Lancaster, SWIFT


Scope:
Cyber Risk was a major theme during the ISSA Symposium and throughout SIBOS this year. Cyber attacks on the securities markets are considered highly likely in the future. Following its report published shortly before SIBOS, the Working Group will focus on agreeing on priorities related to
  • Practical steps when responding to and recovering from an attack
  • Key practices to follow from a Third Party Cyber Risk Management framework specific to securities services
  • Benefits to be gained from cross Securities Industry simulation exercises

 It is anticipated that the WG will deliver shorter, narrower focused work products.


Milestones:
  • December 2018: WG agreement on priorities, structure and deliverables.
  • January 2019: Establishment of Work Streams focused on the agreed priorities.
  • March 2019: Publishing the first priority report.

Reports:
  • Report "Cyber Security Risk Management in Securities Services" (10/2018) > PDF 929 kB


Institutions Represented by Experts in the Working Group:

  • AlfaSec Advisors
  • BNY Mellon
  • CDS Canada/TMX
  • Citibank
  • Clearstream
  • DCV, Chile
  • Deutsche Bank
  • DTCC
  • ISSA
  • NSD Russia
  • NSDL India
  • SEB
  • SIX
  • Standard Chartered Bank
  • SWIFT

 



(C) International Securities Services Association / ISSA