Addressing the Cybersecurity landscape through collaboration

The FIX Cybersecurity Working Group was established a number of years ago in response to the deteriorating security landscape for financial services institutions. This article outlines the Group’s operating logic, initiatives to date, and anticipates the work the FIX Cybersecurity Working Group will undertake in continuing efforts to counter cybersecurity risks.

First Published: e-Forex Magazine 80 / Standards / April 2018

Michael Cooper CTO, BT Radianz, Chair of the FIX Cybersecurity Working Group Charles Kilkenny CEO, Actuare, Chair of the FIX-over-TLS (FIXS) Subgroup, FIX Trading Community Background and Landscape Security has long been an essential element of financial services and for the technical solutions developed in this context.  Nevertheless, and despite the considerable efforts of the industry, by 2014, an increase in cybersecurity attack volume across more attack vectors and against ostensibly strong institutions and services could be seen.  The risk from cybersecurity threats was increasing.  For example, high profile exploits against sophisticated institutions were making headlines; legislators and regulators, financial services and market participants all recognised a deteriorating situation. Furthermore, there was a logic that anticipated further amplification of this threat. That logic recognised the impetus and effect of many key trends including the...continued

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