DTCC’s Bodson criticises ‘dumb-ass’ cyber risk rules

Requirement to recover from cyber attack within two hours unrealistic, he says

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Two-hour recovery period in event of cyber attack deemed 'ridiculous'

The chief executive of the Depository Trust & Clearing Corporation (DTCC) has hit out at the “dumb-ass” rules governing how quickly market utilities need to recover following a cyber attack.

Michael Bodson, president and chief executive of the DTCC, said the legislation, dubbed regulation SCI (Systems Compliance and Integrity) and put into effect by the US Securities and Exchange Commission in February 2015, requires entities to be able to recover from a cyber attack within two hours – a

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