The World Federation of Exchanges (WFE) has launched what it claims to be the exchange industry's first cyber-security committee, in a bid to collaborate on best practises in global security for exchanges following an increased number of reported threats.
Last month, CME Group confirmed it had been the victim of what it termed a “cyber-intrusion” in July (Squawkbox, November 18).
According to WFE, the committee’s mission is “to aid in the protection of the global capital markets” and brings together many of the world’s leading exchanges and clearinghouses.
The working group will be chaired by Mark Graff, chief information security officer with Nasdaq OMX and vice-chaired by Jerry Perullo, vice president information security with the Intercontinental Exchange (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.”