The effort to protect financial markets from cyberthreats has been boosted by collaboration between the industry and government agencies. Experts at the SmartBrief Cybersecurity Forum cited information sharing as the area that has seen the most improvement. Federal legislation also stands to help market participants address privacy and liability concerns related to cybersecurity, the experts said.
Given a severe shortage of candidates with the right skills to fill cybersecurity positions, panelists at the SmartBrief Cybersecurity Forum favored trying innovative approaches, including internships and internal recruitment. Panelists also discussed where cybersecurity senior managers should be within the chain of command, with some touting benefits of having cybersecurity leaders report directly to the chief technology officer or the chief information officer.
Cryptocurrency exchanges will face regulation to prevent terrorism financing and money laundering, Bank of England Governor Mark Carney says. "The time has come to hold the cryptoasset ecosystem to the same standards as the rest of the financial system," he says.
Doubtfulness, levered effectively, can help to drive smarter decision-making, John Baldoni says in this blog post and video. "While too much hesitation leads to organizational paralysis, deliberative thought, together with counsel from trusted sources, is very prudent," he says.
One form of employee recognition is the polite use of "please" and "thank you," but there is also a need to display more tangible forms of appreciation, writes Cord Himelstein of Michael C. Fina Recognition. "Keep in mind the terms are only the beginning of gratitude, and specific rewards beat out generic rewards any day of the week," he writes.
Google is negotiating to invest in Symphony Communication Services, the messaging startup backed by major Wall Street financial institutions, sources said. Symphony is seen as a competitor to Bloomberg and Thomson Reuters, which also provide services to financial professionals.
Regulators must work harder to help individual investors appreciate the risks presented by new technologies that cybercriminals use to commit fraud, said Securities and Exchange Commission Chairman Jay Clayton. He said he plans to give cybersecurity a high priority in the SEC's enforcement actions.
The Financial Stability Board is poised to start phasing in its total loss-absorbing capital rules for the largest banks in the world in 2019, sources said. However, the FSB, which is led by the Bank of England's Mark Carney, has eased the requirements a bit, with major banks needing to hold capital and debt equivalent to 16%, but eventually increasing to 18%, of their risk-weighted assets. The leverage ratio requirement will increase from 6% to 6.75%, according to sources.
US Treasury Secretary Steven Mnuchin met with Bank of England Governor Mark Carney and discussed the US role in global financial regulations. "Secretary Mnuchin underscored that he looked forward to working with Governor Carney on international financial regulatory issues and noted that one of the administration's core principles for financial regulation is to promote American interests in international financial regulatory negotiations and meetings," according to a Treasury Department statement.
Congress should empower the Financial Stability Oversight Council to coordinate financial regulators when it comes to cybersecurity and other areas where they overlap, Treasury Secretary Steven Mnuchin told the House Appropriations Committee. The call comes despite efforts by Republican lawmakers to narrow the council's authority.
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