NASAA Survey Shows Firms Addressing Cybersecurity Risks
The North American Securities Administrators Association (NASAA) released survey results of cybersecurity practices of 440 state-registered advisers. The survey reports that 4.1% of respondents experienced a “cybersecurity incident.” When asked about compliance practices, 76.8% report that they maintain technology or cybersecurity policies and procedures and 62% have undergone a cybersecurity risk assessment.
OUR TAKE: We think 4% of firms reporting an incident is quite high given the small size of these firms. Also, the fact that these firms have generally implemented cybersecurity procedures shows that such policies and procedures and related assessments have become industry best practices.