Stephen Scharf

The Analysis and Resilience Center for Systemic Risk (ARC) is a coalition of financial services firms working together to identify, prioritize, and mitigate systemic risk to the nation’s most critical infrastructure. The ARC delivers actionable solutions which reduce systemic risk by collaboration between our members, the US Government, and key sector partners to support the collective defense of our economic and national security.

In today’s ransomware-prevalent world, adopting a robust cyber resilience strategy is critical to any financial institution’s survival. The businesses that succeed will be those who start now and proactively plan to survive. Sheltered Harbor is the financial industry's approach for how to prepare for a severe but plausible event, with global standards and guides regarding Data Vaulting and Resilience Planning. A paralyzing attack that prevents customers from accessing their accounts could not only destroy an institution, but it could also cause panic that infects the entire financial system. To maintain the public confidence, customer balance information and access to funds must be recovered within 24 hours. To achieve this quickly, critical elements of a robust resiliency strategy include protecting critical assets; segregating customers’ critical data; and preparing to respond to a worst-case event. Sheltered Harbor protocols will ensure accounts can be restored in a matter of hours, after an institution suffers an extreme data corruption or data deletion event. The roadmap for how to do this exists and is already being used by hundreds of financial institutions. It includes a set of heavily tested solutions and certifications. Sheltered Harbor also provides an ecosystem and community of specialized trusted partners to help. Regulators across the globe recognize Sheltered Harbor as the financial industry’s standard setting and certification body for severe but plausible event resilience. Moving quickly after a seismic cyber event is paramount to securing the public’s confidence in our banking system. Sheltered Harbor is the lifeline for survival. To maintain public confidence, it is imperative for the entire industry to make getting Shelter Harbor certified a priority.

BlackRock is a global asset manager and technology provider dedicated to helping more and more people experience financial well-being. We help millions of people invest to build savings that serve them throughout their lives. We always start with our clients’ needs and look to offer them more quality choices for how and where to invest their money. Our global investments platform offers our clients access to the world’s markets while making investing easier and more affordable. And with offices in more than 40 countries, our global expertise helps them navigate changing markets to stay ahead of the curve. Follow us for global insights shaping the economy, conversations about financial well-being and more information on culture and careers at BlackRock. https://bit.ly/3n6Fxdy

With 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes and bringing increased security, enhanced resilience and soundness to financial markets. In 2022, DTCC’s subsidiaries processed securities transactions valued at U.S. $2.5 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $72 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 17.5 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook, and Instagram. View our Social Media Community Rules of Engagement: https://www.dtcc.com/press-room/social-media-rules-of-engagement

The Cloud Security Alliance is a non-profit organization formed to promote the use of best practices for providing security assurance within Cloud Computing, and provide education on the uses of Cloud Computing to help secure all other forms of computing. The Cloud Security Alliance is comprised of many subject matter experts from a wide variety disciplines, united in our objectives: * Promote a common level of understanding between the consumers and providers of cloud computing regarding the necessary security requirements and attestation of assurance. * Promote independent research into best practices for cloud computing security. * Launch awareness campaigns and educational programs on the appropriate uses of cloud computing and cloud security solutions. * Create consensus lists of issues and guidance for cloud security assurance.

The Analysis and Resilience Center for Systemic Risk (ARC) is a coalition of financial services firms working together to identify, prioritize, and mitigate systemic risk to the nation’s most critical infrastructure. The ARC delivers actionable solutions which reduce systemic risk by collaboration between our members, the US Government, and key sector partners to support the collective defense of our economic and national security.