Stock exchanges of the world band together to repel cyber attacks

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The World Federation of Exchanges (WFE) announced the launch of the exchange industry’s first cyber security committee. The committee is tasked to combat systemic cyber abuse against world capital markets.
 
The Cyber Security Working Group will be chaired by Mark Graff, Chief Information Security Officer, NASDAQ OMX and vice-chaired by Jerry Perullo, Vice President, Information Security, IntercontinentalExchange (ICE).
 
“The creation of this committee group is a significant milestone for the global exchange community,” said Ravi Narain, Chairman of the Working Committee. “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, and we believe that the formation will universally benefit the financial markets of the world.”
 
In addition to developing cyber security best practices, the Cyber Security Committee will focus on the following principles:
 
  • Establishing a communication framework among participants based on mutual trust;
  • Facilitating information sharing, including threat intelligence, attack trends, and useful policies, standards and technologies;
  • Enhancing dialogue with policy makers, regulators and government organizations on cyber threats for fair, transparent and efficient markets;
  • Supporting improved defenses from both external and internal cyber-based threats against the markets.

Obviously, no one has learned anything from Bane.

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