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Focus on Funds
New Cybersecurity Coordination
In the June 6, 2014, edition of Focus on Funds, Peter Salmon, ICI senior director of operations and technology, discusses how ICI is deepening its work with members on cybersecurity issues.
Stephanie Ortbals-Tibbs, ICI Director, Media Relations: Welcome to Focus on Funds, the Investment Company Institute’s weekly roundup of industry news, ICI activities, and research findings.
Cybersecurity is an issue of growing concern to the fund industry, and it was also a major topic of discussion at ICI’s General Membership Meeting.
Peter, this seemed like a bigger issue at this meeting and it seemed like something a lot of people in the industry were talking about. Could you set the issue up for us?
Peter Salmon, Senior Director, Operations and Technology: Well, I think certainly over the recent past there have been a number of high-profile incidents and, while the industry has been focused on this general topic for a long time, I think this has given cause for everyone to sharpen their focus and address this issue in a more specific, meaningful, and in-depth way.
Stephanie Ortbals-Tibbs: And ICI has picked this up in a more specific way. Tell me about what the Institute is doing to lead the industry’s response.
Peter Salmon: For a long time the Institute has taken this very seriously and handled information security through our technology committee. We’ve decided to, as I said, sharpen our focus and we’ve created a chief information security officer committee where those folks who are responsible for information security at their enterprise will come together and interact with their peers on this matter.
Stephanie Ortbals-Tibbs: Some of the topics you expect to pick up in particular. Are there certain ones?
Peter Salmon: Absolutely. I think it’s a critical component to make sure that threat information and vulnerability information and lessons learned are shared, not only among committee members, but across the entire Institute membership so that less well resourced firms have access to the same intelligence that other firms have.
Stephanie Ortbals-Tibbs: That’s this week in funds. See you next week.