Ion Hack Spurs New Cybersecurity Push for Swaps Dealers, Brokers

The Commodity Futures Trading Commission proposed new cybersecurity rules for brokerages and swaps dealers in response to this year’s highly disruptive ransomware attack on software company Ion Trading UK.

The CFTC on Wednesday floated new requirements for how firms it oversees should handle security risks posed by outside vendors. In February, a cyber incident at Ion Trading, which was widely used by big players in stock, bond and commodities, rippled through markets and forced traders to process transactions manually for days.

Read More: Cyberattack Sends Derivatives Trading Back to the 1980s

Under the plan, CFTC-regulated companies would have ...