Cyber security is seen as the number one risk to financial markets, according to new research from infrastructure firm, the Depository Trust & Clearing Corp. (DTCC).

The firm’s latest systemic risk survey, which was carried out in the first quarter with representatives of investment managers, banks and brokers, found that almost half of the respondents (46%) cited cyber security as their top concern, and 80% of respondents rated it as a top five risk overall. It notes that the cyber security rating has almost doubled in the past year, as security incidents continue to rise in both the financial markets and other key industry sectors.

Amid this increasing concern, DTCC says that many market participants have increased their investment in technology to detect and prevent cyber threats; and that firms have also increased hiring for cyber security jobs, and have stepped up employee training and education on the issue.

In addition to cyber security, the DTCC reports that respondents cited geopolitical risk, local market policies, the impact of new regulations, and a global economic slowdown as additional areas of systemic risk. And it reports that 73% of respondents indicated that they have increased the resources dedicated to identify, monitor and mitigate systemic risk.

“The industry remains committed to continuing to identify and respond to all types of risk that could create firm-level or systemic incidents. Market participants are not only concerned with the reputational damage that could be caused to their organizations, but also the reputational impact to the industry as a whole,” said Mike Leibrock, managing director and chief systemic risk officer, DTCC.