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In his opening words at the 2023 FIA Boca Conference, CEO Walt Lukken talked at length about the “stone in the pond moment” effect the formation of a Cyber Risk Taskforce will have on the markets.
There is a need for deeper collaborative efforts at cyber risk management to keep the listed #derivatives markets from suffering a disruption like the one caused by the cyber attack on Ion Markets at the end of January.
This statement is one of the most accurate ones made since the January 31 cyberattack on Ion Markets.
The taskforce will bring together cyber risk experts and market participants to work with the CFTC to establish best practices and possibly new rules. This approach is in line with the view of Commissioner, Kristin N. Johnson, who recently told the CFTC’s Market Risk Advisory Committee (MRAC) that cybersecurity is a systemic issue requiring collaboration across all potentially affected market participants.
I’ve no doubt that this is the right approach.
The combination of market and macroeconomic disruptions that have not been seen for decades, new and increasingly sophisticated cybersecurity threats, and opportunities for safeguards based on new deep-tech approaches make this a crucial priority.
As industry innovators and disruptors, we look forward to bringing our expertise to bear on the cyber risk management problem. Lukken’s view that this issue will touch all exchange participants as the ripples spread outward is encouraging. Only with input from executives like Lukken from all types of institutions will the best solutions emerge.
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