August 2009. Cyber Security and Resiliency in the Financial Sector. Major Themes. Globalization of the Financial Services Sector Primary Dependencies on Telecommunications Infrastructure and Information Technology Cyber Threats and Vulnerabilities
An Example of How Information Technology is Utilized in a Commercial Bank
External Links to
Financial Services Firms,
Payment Systems & Utilities
Security Monitoring Company
Clearing Houses, etc.
Markets: NYSE, CME, NASDAQ, CBT, etc.
CHIPS, ACH, etc.
ATM, Credit & Debit
& Trade Fin.
Management Information Systems: reports for executives, risk mgt., boards of directors, etc.
DDA, Loans, CIS
General Ledger, MIS,etc.
Back Office Systems
Check Sorters &
Dun & Bradstreet,
Credit Bureaus, etc.
Example of IT systems
and internal data flows
the lending process
Note: FBO transactions are often performed on IT Systems located in home countries
Source: Steve Malphrus, Chair, Financial Sector Group, Presidents Council on Year 2000 Conversion
Financial and Banking Information Infrastructure Committee (FBIIC)
Financial Services Sector Coordinating Council (FSSCC)
Work with the financial services sector to strengthen cyber security and resilience of the sector’s current and future IT operations
Identify top priorities for research, promote development initiatives
The proposed objective of the WG is to produce a “Long Range Vision” document that will identify:
Discussions throughout the development of the 60 day review were focused on:
Government Emergency Telecommunications Service addresses wireline congestion
Wireless Priority Service addresses wireless congestion at
and call termination
U.S. Financial System: components,participants, and instruments
Financial system: private-sector controls and trade groups
Applicable laws and regulations
Components: credit, debt & equity, exchange-traded derivatives, and insurance
securities, bonds, futures
public disclosure, rating agencies, etc.
Fed, SEC, FDIC,
State authorities, etc.
CP, FX, etc.
FSRoundtable/BITS, ABA, ICBA, ACB, SIA, FIA, etc.
Central bank and Treasury functions (Federal Reserve and
the Department of
banks, savings institutions,
insurance companies, etc.
Financial utilities: payment, clearing & settlement
Critical public utilities and services:telecommunications, power, transportation, public safety, insurance companies as recovery agents
Source: Steve Malphrus, Chair, Financial Sector Vulnerability Assessment Task Force
President’s Working Group on Financial Markets