From: Lexology
Randal L. Gainer | Baker & Hostetler LLP
The Commodity Futures Trading Commission (CFTC) offered several reasons for proposing five new cybersecurity testing requirements for the commodity trading platforms it regulates in its December 23, 2015, Notice of Proposed Rulemaking:
- More than half of the securities exchanges surveyed in 2013 reported that they had been the victim of cyberattacks. 80 Fed Reg. at 80140.
- Attacks increasingly seek to disrupt financial systems rather than just steal data. Id.
- Survey respondents reported 42.8 million cyberattacks in 2014, the equivalent of 117,000 attacks per day. Id. at 80141. One of the CFTC commissioners who approved the proposed new standards referred to a bank that faced 30,000 cyberattacks per week, which averages an attack every 34 seconds. Id. at 80189.
- More stealthy, “advanced persistent threat” attacks have escalated. Id. (See, for example, “How Russian Hackers Stole the Nasdaq.”)
- Threats to the integrity of financial sector data rival threats to confidentiality. Fed Reg. at 80142.
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