CFTC Supports Industry-Developed Cybersecurity Profile

The Commodity Futures Trading Commission today highlighted a number of available standardized tools that derivatives markets, clearing organizations and swap data repositories could use to assess and improve their level of cybersecurity preparedness. Among the tools reference was the Financial Services Sector Coordinating Council’s Cybersecurity Profile, which was developed by the American Bankers Association and other trades under the direction of the FSSCC.

The profile uses a questionnaire to identify a company’s risk and complexity and match it with an appropriate cybersecurity assessment. It is intended to reduce the time spent on compliance and in reconciling competing, duplicative and redundant cybersecurity examinations.

“Firms adopting a standardized approach are better able to track their progress over time, and to share information and best practices with their peers and with the CFTC,” the agency noted in a statement.