Commodity Futures Trading Commission (CFTC) Commissioner Dawn Stump announced the completion of the “Scope” part of a data protection initiative meant to serve as a pathway to better ascertain regulatory data needs and enhance 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.
“Cybersecurity 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 chair Christopher Giancarlo, in a statement.
Commissioner Stump said in a statement: “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.”