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CFTC Welcomes Standardized Approaches to Assessing Cybersecurity Preparedness

In a release on July 16, the Commodity Futures Trading Commission (CFTC) encourages financial institutions to use a standardized approach to assess and improve their cybersecurity preparedness. Although the CFTC does not endorse any particular tool, the CFTC specifically identifies various organizations providing best practices to the industry, including the National Institute of Standards and Technology, the International Organization for Standardization, the Information Systems Audit and Control Association and the Information Technology Infrastructure Library. The CFTC also lists a number of standardized tools that support financial institutions in their self-assessment activities, including the Financial Services Sector Coordinating Council Cybersecurity Profile, the NIST Cybersecurity Framework, the ISO Cybersecurity Standard, and the ISACA COBIT Framework. The CFTC added that regulated entities should assess their cybersecurity and system safeguards programs using the standardized cybersecurity tool that they believe best fits their particular risks and circumstances.

For its part, the CFTC noted that it uses all generally accepted cybersecurity standards and best practices in its oversight of regulated entity cybersecurity and system safeguards.

For more information, the full release is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 199

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
James M. Brady, Katten Muchin Law Firm, Finance Attorney
Associate

James Brady concentrates his practice in financial services matters.

While in law school, James was an editor of the Michigan Journal of International Law. He also served as a judicial intern to the Honorable Stephen J. Markman of the Michigan Supreme Court. http://www.kattenlaw.com/James-Brady

312-902-5362
Gregory Uffner, Financial Services Attorney, Katten Law Firm
Associate

Gregory Uffner is an associate in the Financial Services practice. 

While in law school, Gregory was an associate editor for the Moot Court Board, a member of the Fordham Urban Law Journal and served as managing editor for the Fordham Sports Law Forum.

212.940.6485