WFE Details Industry Efforts to Ensure Cyber Resilience of Markets

WFE members are continuously investing resources and technology to enhance their capabilities under the philosophy that it is not a question of ‘if’ they experience a cyber incident but when.

The WFE (World Federation of Exchanges) has published a report detailing measures exchanges and CCPs have taken to adapt and enhance existing cyber resilience tools during the Covid-19 pandemic.

For market infrastructures, mass remote-working arrangements, remote collaboration tools such as video and audio-conferencing applications, and third-party risk have taken on greater importance and required creative measures to manage, the WFE says.

According to the report, reliance on home Wi-Fi routers, commercial network providers, and a combination of corporate and personal endpoint devices can increase the risk of system misconfiguration and the potential unauthorised disclosure or theft of sensitive company information.

In addition, cyber adversaries are also increasing reconnaissance techniques to identify and exploit system security vulnerabilities, execute targeted Covid-19 related phishing campaigns, and attempting to compromise personal and corporate-owned mobile devices.

“The current conditions, as a result, shift information security focus from enterprise infrastructure located mainly within corporate-owned data centres to public/private cloud and virtualised architecture,” the WFE says.

To address the risks, companies have used secure remote connectivity options such as VPNs to establish access to corporate environments through Virtual Desktop Infrastructure, among other measures.

According to the WFE, its members are “continuously investing resources and technology to enhance their capabilities” under the “philosophy that it is not a question of ‘if’ they experience a cyber incident but when.”

“Adherence to this principle requires market infrastructure operators to be in a constant heightened state of awareness and vigilance, so that they can respond and recover operationality, should any cyber-attack take place.”

The report outlines the measures taken by exchanges and CCPs to facilitate continued safe and efficient trading.

The full report is available here.

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