Cybersecurity: FINRA’s Take
FINRA offered its own insights into what it expects from firms’ cybersecurity risk management practices:
Ed note: This post originally appeared on Securities Compliance Sentinel.
We recently highlighted the Security and Exchange Commission’s 2014 OCIE Cybersecurity Initiative. Not to be outdone, FINRA also released its Report on Cybersecurity Practices, which provided a much more in-depth report on cybersecurity. Therein, FINRA offered its own insights into what it expects from firms’ cybersecurity risk management practices:
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Firms that are deficient in any of these areas should review FINRA’s Report in detail and consult outside counsel regarding implementation of cybersecurity risk management practices to ensure compliance. Not doing so leaves deficient firms open to more than just the increased threat of data breach – the SEC and FINRA could come down hard on firms that do not have a fulsome cybersecurity policy, either during an examination or after a breach. Do not fall behind on cybersecurity.
For more information and resources related to cybersecurity, check out Fox Rothschild’s Privacy Compliance & Data Security blog.
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