Cybersecurity Top Risk For Financial Firms

Tuesday, April 08, 2014 09:55
Cybersecurity Top Risk For Financial Firms

Tags: advisors | cybersecurity | data breach | FINRA | sec

The recent massive customer data breaches that have occurred at well-known retailers is causing the government and businesses to take a deeper look into cybersecurity.

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In February, Finra announced its plans to try and understand the dangers that lurk online for financial companies.  Finra will examine some of its member firms to see what precautions they are taking to protect themselves from online threats.  They will be surveying 20 firms and looking to review each of the firms’ cybersecurity preparation and supervision.


The SEC has also announced that it will be conducting cybersecurity examinations.  In a compliance conference the SEC informed its audience that they will be reviewing the resources that firms devote to information security, their policies for assessing, preventing and responding to attacks and their systems guarding against identity theft.


Cyber thieves are always looking for new ways to steal your information.  Just one wrong click could give a cybercriminal the key to all of your clients’ sensitive data.  As an advisor it is important for you to have a process in place to check for cyber threats and protect your data. 


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