The founders of a information and cyber security advisory firm have written a must read white paper for the futures industry about the business and regulatory challenges of cyber security and how to manage them.
VSEC, LLC is an information and cyber security advisory company. Founding partners John Falck and Mike Phillips have many years experience in the derivatives industry, with both of them originally working for O’Connor & Associates through the Swiss Bank and UBS mergers.
Business and regulatory requirements for information and cyber security are changing rapidly. In the futures industry, FCMs, prop traders, brokers, CTAs, CPOs and certain vendors may be impacted by NFA, CFTC and SEC regulations, international, US and state laws, and accepted ‘best practice’ security measures. The topic is complicated, important and urgent. At VSEC, LLC our experience is that most firms do not have the information and cybersecurity protections appropriate for their business, and also lack the internal expertise to identify, prioritize and resolve those gaps. This paper summarizes some of the regulatory requirements and practices for information and cyber security in the futures industry, and describes one way companies can address their need for security expertise by leveraging external “virtual Chief Information Security Officers” as advisors.
Information and cyber security should be driven by the need to identify and protect the critical data and systems that an organization needs to succeed. An effective security program is a process of continuously :
- Identifying critical data and systems
- Implementing protections
- Monitoring the effectiveness of the protections These simple points are the core of all security programs. Execution is the challenge.
See the white paper HERE.