- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-06-21T21:45:00
Organizations involved with the U.S. derivatives market must shift out of hack-response mode and into a state of cyber resiliency. If they don’t, a potential proposed rule at the Commodity Futures Trading Commission (CFTC) might force them to get there.
Members of the agency are currently drafting its first cyber resilience rule for swap dealers and futures commission merchants, CFTC Commissioner Christy Goldsmith Romero said Tuesday in remarks delivered at an industry event. The potential proposed rule, which could release “in the next few months,” according to Goldsmith Romero, could seek to make those in the C-suite responsible for ensuring their organizations are prepared for cyberattacks.
The proposal would first need to be approved by the CFTC before being released, said Goldsmith Romero.
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The Enforcement Division of the Commodity Futures Trading Commission announced it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.
The No. 1 priority at the Securities and Exchange Commission after organizations are impacted by a cybersecurity incident is that investors receive timely and accurate disclosures, according to Enforcement Division Director Gurbir Grewal.
A ransomware attack affecting some of the U.K.’s largest corporations has highlighted once again how exposed organizations can be if the levels of cybersecurity used by their third parties are not as strong as expected.
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