FINRA Conducting Cyber-Security Sweep
FINRA has issued a “Targeted Examination Letter” to the industry that it is conducting an “assessment of firms’ approaches to managing cyber-security threats.” FINRA intends to review business continuity plans, service provider arrangements, reporting lines, cyber-attacks and responses, training, and insurance. FINRA hopes to gather information about cyber threats to understand firms’ vulnerabilities as well as firms’ information security infrastructure.
OUR TAKE: The SEC has expressed similar concerns about cyber-security and data protection. Time to take a walk down to the IT department and see what’s happening.