On 20 November, FIA's Market Technology division moderated its fourth annual cybersecurity scenario workshop. This year, the event was held via teleconference to provide social distancing.
Each year, the workshop presents a futures industry-specific cyber disruption that poses systemic risk to the market and to participants. This time, FIA presented a scenario where a domestic terrorist group attacked a major data center complex.
Representatives from major futures commission merchants (FCMs), proprietary trading firms, exchanges, clearing houses, hedge funds and key service providers attended. The workshop was attended by a cross-section of 34 industry participants, representing 18 FIA member organizations.
The annual cyber event is designed to heighten industry awareness to the importance of proper planning and coordination of a response to significant business interruptions, and to identify additional resources that may be required to better prepare and facilitate incident response and coordination in the future.