The World Federation of Exchanges (WFE) is proposing to use “nudges” and other behavioural insights to help ensure cybersecurity.
The WFE has published a set of best practice guidelines designed to engender a culture of cybersecurity compliance, the global industry association says in a news release.
The principles were compiled by the WFE’s dedicated cybersecurity group.
“Applying small ‘nudges’, or offering incentives regularly to staff, leads to greater discussion and awareness of cyber threats which may result in better cultural outcomes,” the WFE says.
Among other things, the best practices include bringing hackers to work to demonstrate how easily devices can be compromised, linking compensation to compliance, and using games to encourage desired security practices. The principles were compiled by the WFE’s dedicated cybersecurity group.
“Exchanges and [central counterparties] spend significant time and money on ensuring the technology that underpins the markets they operate and clear meets — and exceeds — the complicated patchwork of technical standards, rules and regulations they are subject to. Our best practice guidelines show that by making small changes to cyber compliance behaviour, the humans using that technology can become a stronger line of defence again cyber attacks,” says Nandini Sukumar, CEO of the WFE, in a statement.