July 12, 2019
CFTC Commissioner Stump Announces Important Progress in the CFTC’s Data Protection Initiative
Washington, DC — Commodity Futures Trading Commission (CFTC) Commissioner Dawn D. Stump today announced the completion of the “Scope” part of the Data Protection Initiative she launched in March. The initiative is meant to serve as a pathway to better ascertain the CFTC’s regulatory data needs and enhance its internal data protection measures.
As a result of the “Scope” exercise, the CFTC now has an updated and detailed Data Catalogue that inventories all the data inflows reported to the agency. The Data Catalogue includes information concerning the regulation providing the authority for the collection, type of entity serving as the data submitter, category of data reported, primary CFTC data user, technology or interface by which it is collected, whether the collection is ad-hoc or recurring, and the frequency of submission.
“Cyber security is one of the most significant risks to the safety and soundness of the global financial system. The completion of an updated Data Catalogue is a key step in supporting the best data protection approach possible,” said CFTC Chairman J. Christopher Giancarlo . “I was pleased when Commissioner Stump identified this challenge early on in her time at the CFTC and the agency readily provided resources to augment her leadership on this issue. I wish her the best of luck as she continues on this path to minimize the agency’s cyber risk profile.”
“I am happy to announce that the Scope component, the first of five parts of this initiative, has been successfully completed and we now have an updated and detailed Data Catalogue at the CFTC,” said Commissioner Stump. “We must identify the various use-cases of each data stream and consider the sensitivity of the data collection in light of the regulatory value. Then consideration should be given as to whether its collection should continue by comparing the sensitivity of information to its value to the Commission.”
Read Commissioner Stump’s complete statement.