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Alternative Market Briefing

Cybersecurity threats also hound regulators

Wednesday, April 04, 2018

Komfie Manalo, Opalesque Asia:

Cyrbersecurity threats are real and dangerous. When hackers developed the capability to breach a securities regulator's security, then they too can get to you.

Heather Smith, head of the Investments Supervision and Securities Supervision Divisions at the Cayman Islands Monetary Authority (CIMA), said this is a real threat for regulators globally. She explained that IOSCO recently sponsored a workshop around cybersecurity, where it was highlighted that regulators need to remain vigilant individually and also collectively because "we are a repository for a lot of information."

"Unfortunately, the same challenges and potential areas of weakness exist for regulators as it does for regulated entities and service providers, as the workshop occurred on the same day that the U.S. SEC announced that its EDGAR filing system had been hacked earlier in the year. So cyber threats are a reality and require ongoing engagement by everyone," Smith told participants of the latest Opalesque 2018 Cayman Roundtable.

To provide sufficient data protection, CIMA is building and maintaining a robust cybersecurity framework, Smith said, and she described the agency's IT team as phenomenal. CIMA's IT team is committed to maintaining awareness in this area and regularly run security tests, as well as provide ongoing training ......................

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