Cyber-attacks continue to increase in frequency, sophistication and impact. These attacks have the potential to disrupt critical financial services and could undermine the security and confidence of the financial system. In the 2020 Allianz Risk Barometer the threat to businesses around the globe posed by cyber incidents moved to become the number one threat.
This new ISSA document, “Cyber Security Guidance Paper – Reacting to a Cyber-Attack on a Securities Services Participant,” builds on two previous ISSA Risk Management publications. It provides guidance for the incident management processes of Securities Services participants. This paper proposes considerations for those involved in the Securities Servicing value chain in the event that another member of the financial services community’s defenses is compromised. It covers both the compromised party and other Market Participants.