20 August 2017
Find out more

Exchange group sets up cyber-security committee

12 December 2013  |  6678 views  |  0 Spiders computer virus

The World Federation of Exchanges (WFE) has launched the exchange industry's first cyber-security committee, to help fend off the threat from hackers targetting mission critical market infrastructures.

The working group will bring together representation from a number of exchanges and clearinghouses across the globe, to collaborate on best practices in global security. It will be chaired by Mark Graff, chief information security officer, Nasdaq OMX and vice-chaired by Jerry Perullo, VP, information security, IntercontinentalExchange (ICE).

Ravi Narain, chairman of the Working Committee, says: "Cyber-security is a crucial issue to global markets, and paramount for maintaining market integrity and resiliency. We are pleased with the positive collaboration in this committee, which will transcend competitors and regions in order to tackle key issues and present best practices."

In addition to developing cyber-security best practices, the Committee will also seek to establish a shared communication framework among participants and liaise with policy-makers, regulators and government on cyber-threats.

The formation of the Committee comes just months after the WFE and Iosco released the results of a study of members which revealed that just over half of the world's securities markets have fought off intrusions by cyber-attackers over the past year.

As the number of high-profile and critical hits increases, the report warned that underestimation of the severity of the risk may lay open securities markets to a black swan event.

Says Graff. "We are tasked with a significant goal: to build universal best practices and partner with third-parties to combat systemic cyber-abuse to ensure the resiliency and strength of our capital markets. I look forward to addressing this head on with the founding committee and new members alike."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BofE says banks under cyber-attack

BofE says banks under cyber-attack

29 November 2013  |  5918 views  |  0 comments | 10 tweets | 7 linkedin
London banks embark on 'Waking Shark 2' cyber war games

London banks embark on 'Waking Shark 2' cyber war games

12 November 2013  |  5773 views  |  0 comments | 3 linkedin
Sifma calls for better communication following cyber-attack simulation

Sifma calls for better communication following cyber-attack simulation

22 October 2013  |  3944 views  |  0 comments | 3 tweets | 1 linkedin
US bank regulator raises prospect of cyber-security legislation; Iosco also on guard

US bank regulator raises prospect of cyber-security legislation; Iosco also on guard

19 September 2013  |  11195 views  |  0 comments | 9 tweets | 12 linkedin
Nasdaq and major banks the victims as five indicted for largest known cyber breach

Nasdaq and major banks the victims as five indicted for largest known cyber breach

26 July 2013  |  8384 views  |  0 comments | 4 tweets | 2 linkedin
Exchange data highlights systemic threat from cyber attacks

Exchange data highlights systemic threat from cyber attacks

16 July 2013  |  6304 views  |  0 comments | 2 tweets
Wall Street preps Quantum Dawn 2 cyber-attack drill

Wall Street preps Quantum Dawn 2 cyber-attack drill

18 June 2013  |  7032 views  |  0 comments | 7 tweets | 5 linkedin
UK banks spooked more by cybercrime than economic slump

UK banks spooked more by cybercrime than economic slump

12 June 2013  |  10569 views  |  0 comments | 8 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9152 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7903 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7354 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
6656 views 0 | 1 tweets | 1 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6516 views 1 | 5 tweets | 3 linkedin

Featured job

Find your next job