DTCC appoints Stephen Scharf as chief security officer

Stephen ScharfThe Depository Trust & Clearing Corporation (DTCC), a provider of post-trade market infrastructure for the global financial services industry, has appointed Stephen Scharf to the newly-created position of chief security officer (CSO).

The appointment is intended to create a holistic approach to risk management and resilience across the organisation, by centralising and aligning the firm’s global information security, physical security, employee safety, and crisis/incident management functions.

Scharf joins DTCC from information services company Experian, where he served as global chief information security officer, accountable for the overall strategy, leadership and governance of Experian’s global information security, physical security and business continuity programs.

Prior to his role with Experian, Scharf served as the global chief security officer for Bloomberg, and has previously held a number of other positions in information security and technology firms.

Andrew Gray, managing director, group chief risk officer at DTCC, says: “Risk management remains a top priority across the industry, and we look forward to Stephen’s contributions.”

Scharf, commented that financial services remains one of the most heavily targeted industries for security threats.

Following the appointment, Mark Clancy steps down as DTCC’s chief information security officer to assume his current full-time position as chief executive officer of Soltra, a joint venture between DTCC and the Financial Services Information Sharing and Analysis Center (FS-ISAC) that provides an automated cyber threat intelligence platform.

Read Funds Europe’s exploration of the cyber security space in the March 2015 issue.

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