A new report from the World Federation of Exchanges (WFE) has highlighted the increased cyber security pressure on market infrastructure during the COVID-19 pandemic.

Among the key cyber challenges identified by the global industry group for exchanges and central counterparty clearing house (CCPs) were mass remote-working arrangements, remote collaboration tools - such as video and audio-conferencing applications - and third-party risk.

These issues have pushed cyber security to the top of the agenda for many exchanges, with creative measures required to manage them, stated the WFE.

“Across the membership, market infrastructures have dedicated time and resources to contingency planning and the associated cyber security requirements - these efforts are typically subject to regulatory and supervisory scrutiny, as well as in-house or external auditor stress testing,” the report said.

Nandini Sukumar, chief executive of the WFE, commented: “As markets and businesses have grown electronic, market infrastructures now devote a greater amount of resource and time to ensure cyber resilience than ever before.

"When the current world-wide pandemic situation lessens and countries and companies implement measured return to work procedures, WFE members recognise there will be a new normal operating environment for all in which such measures must continually be monitored, reviewed and implemented to protect against future threats.”

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