The Depository Trust & Clearing Corporation (DTCC) today participated in the White House release of the National Institute of Standards and Technology (NIST) Cybersecurity Framework. The Framework represents the efforts of the public and private sectors working collaboratively and consists of best practices and guidelines to assist the private sector to reduce cyber risks.
"The NIST Cybersecurity Framework represents a milestone achievement,” stated Michael Bodson, Chief Executive Officer and President, DTCC. “It is the result of a year-long public-private partnership, which plays a key role in the financial services industry’s ability to identify threats, respond to cyber incidents and coordinate with government partners. DTCC is pleased to have worked with the Administration and colleagues across industries to help develop these voluntary guidelines and we look forward to leveraging the Framework as a means to help reduce cyber risks to our nation’s critical infrastructure.”
Mr. Bodson and Mark Clancy, DTCC’s Chief Information Security Officer, attended the launch event held at the White House. Denis McDonough, White House Chief of Staff, and the Cabinet Secretaries for Commerce and Homeland Security were also in attendance.
In February 2013, President Obama issued Executive Order 13636 and tasked NIST – a federal agency under the purview of the U.S. Department of Commerce dedicated to advancing measurement science, standards, and technology in ways that enhance economic security – to convene the private sector to develop a framework to improve critical infrastructure cybersecurity. DTCC actively participated in the development of the Framework and worked closely with NIST and the Financial Services Sector Coordinating Council to ensure current industry best practices were incorporated into the new standards.
“The Framework provides a flexible and dynamic approach to enhancing cybersecurity and serves as a solid foundation to address the risks associated with cyber threats,” explained Mr. Clancy. “The financial services industry clearly recognizes the broader systemic risks that could result from a cyber attack and the implementation of the Cybersecurity Framework is an important step in mitigating this for the vital infrastructures across all sectors.”
DTCC has long identified cybersecurity as a key component of mitigating emerging risks within the financial system and the global economy more broadly. In an August 2013 white paper, DTCC identified cyber threats as one of the key systemic risks facing global financial markets and associated infrastructures.
For more information, please see the NIST Cybersecurity Framework.
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DTCC Helps Launch NIST Cybersecurity Framework - Broad Spectrum Of Industry Leaders Convene At White House To Support New Cybersecurity Framework
Date 13/02/2014