Sunday 23rd November 2014
NEWS TICKER – FRIDAY NOVEMBER 21ST 2014: The director of the National Security Agency, Navy Admiral Michael Rogers, says he expects to see adversaries launch a cyber-attack in the next few years aimed at severely damaging America's critical infrastructure. "I fully expect that during my time as commander, we're going to be tasked to help defend critical infrastructure within the United States because it is under attack by some foreign nation or some individual or group," Rogers told the House Select Committee on Intelligence this morning (EST). Rogers, who also serves as commander of the US Cyber Command, says the government is better prepared to defend against those attacks than it was two years ago.On November 24th, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) that will incorporate an early withdrawal feature. This feature will allow depository institutions to obtain a return of funds prior to the maturity date subject to an early withdrawal penalty. The Federal Reserve will offer eight-day term deposits with an interest rate of 0.29000% and a maximum tender amount of $20,000,000,000. The penalty for early withdrawal is 0.75%, the minimum tender per institution is $20,000,000,000 - The Straits Times Index (STI) ended +29.72 points higher or +0.90% to 3345.32, taking the year-to-date performance to +5.70%. The FTSE ST Mid Cap Index gained +0.64% while the FTSE ST Small Cap Index gained +0.83%. The top active stocks were SingTel (+0.51%), UOB (+1.37%), DBS (+1.64%), Keppel Corp (+0.22%) and OCBC Bank (+1.16%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+1.70%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+1.72%) and Geo Energy Resources (+3.02%). The underperforming sector was the FTSE ST Technology Index, which gained +0.16% with Silverlake Axis’s share price gaining 0.41% and STATS ChipPAC’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value were the IS MSCI India (+1.70%), SPDR Gold Shares (+0.34%), DBXT MSCI Singapore IM ETF (unchanged). The most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (unchanged), Ascendas REIT (unchanged), CapitaCom Trust (+0.89%) - In an interview with US online service Careers Info-Security News Greg Shannon, chief scientist at the CERT Division of Carnegie Mellon University's Software Engineering Institute says that to defeat cyber-adversaries, cybersecurity professionals should adopt a contrarian attitude, says. "Having that contrarian point of view allows you to get into the mindset of the adversary," Shannon says in an interview with Information Security Media Group. "How would this technology work if it did something the designer of it didn't think of?" he asks. "Certainly, that's the way the adversary is thinking, coming up with new attacks, new threats. They're looking at an app, a piece of software or some websites, [and they think] 'What can I do here that the designer didn't think of? Is there a way to get information through channels, through tricks that weren't anticipated? Is there some frailty of humans that I can exploit to get information out of them that they wouldn't normally give me?'" – Raiffeisen Bank International warned in an analyst conference call yesterday that profits in its Russian business would be challenged in Q4 versus Q3. The bank’s Chief Financial Officer Martin Gruell said higher risk provisioning and increased operating expenses could cut profits in its single most profitable market. "I would expect the fourth quarter to be a bit lower than the third quarter," he said. He believes the worst of the rouble's devaluation is over, but explained that the impact on the group’s capital from the dip in the ruble, could push RBI's core capital below 10% of risk-weighted assets by the end of this year - The performance of the Dutch residential mortgage-backed securities (RMBS) market remained stable during the three-month period ended September 2014, according to the latest indices published by Moody's Investors Service. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.95% in September 2014 from 0.98% in June 2014. At the same time, the 90+ day delinquencies decreased to 0.72% during the three-month period compared with 0.75% in June 2014. Cumulative defaults continued to increase to 0.54% of the original balance, plus additions (in the case of Master Issuers) and replenishments in September 2014, compared with 0.47% in June 2014, says the ratings agency. Cumulative losses slightly increased to 0.11% in September 2014 from 0.10% in June 2014 – According to a Clearstream client bulletin on November 18th, the US Internal Revenue Service and the US Treasury published an amendment to the current temporary regulations (TD9657) regarding FATCA. The amendment impacts Foreign Financial Institutions (FFIs) who have entered into an agreement with the IRS to become a participating FFI. It amends the determination date and timing for reporting with respect to the 2014 calendar year.

DTCC urges restarting federal pilot program that targeted cyber espionage

Monday, 04 June 2012
DTCC urges restarting federal pilot program that targeted cyber espionage The US DTCC has testified before a Congressional subcommittee that federal agencies and the financial sector must expand information sharing on cyber-threats to more effectively protect the capital markets from attack. DTCC also called for restarting the Government Information Sharing Framework (GISF), a successful but now-defunct pilot program that targeted cyber espionage as part of this information sharing effort. http://www.ftseglobalmarkets.com/

The US DTCC has testified before a Congressional subcommittee that federal agencies and the financial sector must expand information sharing on cyber-threats to more effectively protect the capital markets from attack. DTCC also called for restarting the Government Information Sharing Framework (GISF), a successful but now-defunct pilot program that targeted cyber espionage as part of this information sharing effort.

Mark Clancy, DTCC managing director and corporate information security officer, told the House Capital Markets and Government Sponsored Enterprises Subcommittee during a June 1 hearing entitled Cyber Threats to Capital Markets and Corporate Accounts that the termination of the GISF program in 2011 eliminated a critical source of threat data and analysis for the financial sector.

 “While financial institutions have robust information security programs in place to protect their systems from cyber threats, they are not foolproof,” Clancy said. “A critical resource the industry relies upon to help safeguard the system is information sharing between federal agencies and the financial sector. DTCC strongly supports restarting the GISF program, removing its pilot status and expanding its reach within the financial sector to ensure that all resources are working in concert to protect and defend the capital markets from cyber-attack.”



The GISF program commenced in 2010 as a collaboration between the Department of Defense (DoD), the Department of Homeland Security (DHS) and The Financial Services–Information Sharing and Analysis Center (FS-ISAC), the primary group for information sharing between the federal government and the financial sector. It allowed for the sharing of advanced threat and attack data between the federal government and 16 financial services firms that were deemed capable of protecting highly sensitive information. The program was expanded over time to include the sharing of classified technical and analytical data on threat identification and mitigation techniques.

The DoD in effect terminated the GISF program in December 2011, and information sharing through DHS, which was expected to continue, also ceased that month. Since the termination of GISF, several organizations in the financial sector have experienced threat activity from actors first identified to the industry through GISF reporting. A recent FS-ISAC assessment found that these threats will continue to increase in the years ahead.

Clancy credited the GISF program with enhancing the financial sector’s:

* Access to actionable information to search for similar threat activity in their own networks,

* Access to contextual information to better understand risk implications of various threats,

* Ability to adjust assessments of cyber espionage using quantifiable information that had previously been unavailable, and 

* Understanding of the need to develop standards to support the automation of sharing and consuming threat data.

 “Information sharing like that which occurred under the program represents the most critical line of defense in managing and mitigating cyber risk today [sic],” Clancy said. “GISF drove innovative new initiatives in the industry and helped reshape the sector’s approach to assessing cyber espionage risks while prompting pilot firms, including DTCC, to revise best practices for managing threat information. It also spurred financial institutions to make significant additional investments in threat mitigation and detection capabilities that otherwise could not have been easily justified due the lack of understanding of the risk to the sector.”

Clancy added that while GISF was successful in many aspects, it should be expanded to include a broader group of financial institutions because the pilot program’s reach and impact were too limited and did not scale to the depth and breadth of the sector.

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