• Skip to primary navigation
  • Skip to main content
Logo
Open search bar
  • About
    • Meet the Team
    • Todd Cipperman
    • Why Choose Us
  • Services
    • Money Managers
    • Registered Funds
    • Private Equity
    • Broker-Dealers
    • CyberSecure - Funds
  • In The News
  • Outsourced CCO
  • Client Engagement
  • Resources
    • Helpful Information
    • Regulatory Exams
    • Executive Interviews
    • Blog
    • Podcasts & Videos
    • Best Practices
  • Contact Us

Our Take Blog

Home
Our Take Blog
SEC Warns Advisers and Broker-Dealers to Protect against Ransomware

SEC Warns Advisers and Broker-Dealers to Protect against Ransomware

 

The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about recent ransomware attacks and offered some best practices for smaller firms for dealing with ransomware incidents.  Based on a recent review of 75 registrants, the OCIE staff recommends that firms perform a cyber-risk assessment, conduct penetration and vulnerability tests, and ensure software maintenance including adequate software patches.  The OCIE staff stressed the importance of developing a “rapid response capability.”  OCIE found widespread deficiencies among advisers during its review: 57% did not conduct penetration and vulnerability testing and 26% did not conduct periodic risk assessments of critical systems.

OUR TAKE: Cybersecurity has become one of the most significant compliance issues facing investment management firms.  CCOs and their bosses must take action to address outside threats.  We recommend reviewing the SEC’s 2014 guidance.

 

Reader Interactions

Leave a Reply

You must be logged in to post a comment.

Back to Top
logo
480 E. Swedesford Road, Suite 220, Wayne, PA 19087
610-687-5320
LinkedIn Twitter
© 2020 Marlivia Properties LLC