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USA: CFTC encouragement of standardised cybersecurity approaches enhances cybersecurity preparedness

The Commodity Futures Trading Commission ('CFTC') issued, on 16 July 2020, a statement encouraging private sector financial institutions' use of standardised approaches to assess and improve cybersecurity preparedness. In particular, the CFTC outlined that CFTC regulations require derivatives markets, clearing organisations, and swap data repositories to follow generally accepted standards and best practices with respect to the development, operation, reliability, security, and capacity of their automated systems. As such, the CFTC encouraged the use of standardised tools aligned with industry standards and best practices, such as the National Institute of Standards and Technology ('NIST') Cybersecurity Framework, or the International Organisation for Standardization ('ISO') Cybersecurity Standard, among others, in order to advance and support cyber preparedness and enhance the efficiency and effectiveness of system safeguards.

You can read the press release here.