Audit Hits Regulator for Not Testing Brokerage Firms’ Cyber Security Policies — Insurance Journal

The U.S. Commodity Futures Trading Commission failed to verify whether futures and swaps brokerage firms have adequate policies to help ward off cyber attacks, an internal CFTC audit found.

The audit was completed in October by Brown & Company CPAS and Management Consultants PLLC at the request of the CFTC’s inspector general. It found that the CFTC, in conducting cyber security examinations of the firms, did not employ a “risk-based approach” to “independently test results of the cybersecurity assessments” it did.

via Audit Hits Regulator for Not Testing Brokerage Firms’ Cyber Security Policies — Insurance Journal