On Oct. 29, TAI EXC issued guidance on strengthening cybersecurity.
TAI EXC provided guidance on strengthening securities firms' cybersecurity operations.
Major causes of security incidents include insufficient stress testing, resource allocation, and pre-launch testing; notable incidents involved DDoS attacks.
In addition to trading platform overload as well as vendor system issues.
Key Requirements
Firms must report security incidents within 30 minutes of discovery; formal incident reporting is required within 24 hours of occurrence, incident closure within 3 days.
Major incidents include core system issues at top 20 brokers by market share.
Trading disruptions exceeding two hours during daily market hours require reporting.
The guidelines further specify the system classification for tolerable outage times.
Level 1-3 securities firms must establish remote backup facilities, full front, middle, back-office backup systems required; annual cybersecurity audits to verify compliance.
