Key securities industry trade associations are challenging the disclosure procedures of a cybersecurity rule adopted in 2023 by the U.S. Securities and Exchange Commission (SEC), asking the regulator to return to a principles-based disclosure regime. SIFMA, the American Bankers Association (ABA), the Bank Policy Institute (BPI), the Independent Community Bankers of America (ICBA), and the… Read More >>
Look Before You Take That Quantum Leap
Quantum computing via cutting-edge hardware and algorithms is coming and there will be more hype as it gains ground in financial markets. First, a definition from IBM: “By taking advantage of quantum physics, fully realized quantum computers would be able to process massively complicated problems at orders of magnitude faster than modern machines. For a… Read More >>
FSB Proposes Common Reporting Format for Operational Incidents
The Financial Stability Board (FSB) has released a common operational incident format intended to counter the fragmented requirements and coordination of such reporting, officials say. Recently published for consultation, the new Format for Incident Reporting Exchange (FIRE) targets financial services firms that need to effectively report operational events such as cyber incidents, officials say. FSB… Read More >>
FINRA Warns of Post-CrowdStrike Secondary Attacks
Financial Industry Regulatory Authority (FINRA) officials have issued a warning that the global disruption caused by the CrowdStrike Outage could be followed by secondary attacks. “In connection to the widespread disruption, member firms should be aware they may experience secondary attacks from cyber criminals seeking to leverage this incident to carry out social engineering and… Read More >>
Smarsh Acquires Entreda to Bolster Cybersecurity Support
Electronic communications archiving vendor Smarsh will be able to bolster its cybersecurity risk and compliance offerings to broker-dealers, registered investment advisors (RIAs) and banks via its acquisition of Entreda, maker of a platform that unifies these services. Smarsh offers archiving and compliance support for email, social media, text messaging, instant messaging, websites, and voice. Through… Read More >>
WFE Pushes for Human Firewall Against Cyber-Attacks
The World Federation of Exchanges (WFE) is taking a behavioral approach to the problem of establishing long-term, cyber-security compliance, officials report as they publish a guideline of best practices. A new white-paper lists best practices that are an alternative to “classroom-based refresher sessions,” and are intended to push a move toward “thinking more creatively about… Read More >>
