The SHIELD Act, 2019 N.Y. Ch. 117, which was signed into law by Governor Cuomo on July 25, 2019, modifies existing data breach law to expand the definition of “Private Information” and imposes new substantive cybersecurity requirements.
Read MoreOn January 27, 2020, OCIE issued a report detailing cybersecurity and resiliency observations the staff made after "thousands of examinations of broker-dealers, investment advisers, clearing agencies, national securities exchanges, and other SEC registrants." The report offers a snapshot of current market practices in seven key areas:
Read More2020 may very well be the most impactful year for data privacy and cybersecurity in the United States. In honor of Data Privacy Day, we discuss some of the reasons why that may be the case. In short, as privacy and cybersecurity risks continue to emerge for organizations large and small, the law is beginning to catch up which is prompting a significant uptick in compliance efforts.
Read MoreFinra is reviewing technology controls and cybersecurity programs of broker-dealer firms but is taking on a consultative approach, according to executives at the self-regulator.
Read MoreIn this post, we analyze the highlights in and our takeaways from the 2020 Priorities.
Read More“OCIE’s 2020 examination priorities identify key areas of risk, both existing and emerging, that we expect self-regulatory organizations (SROs), clearing firms, investment advisers and other market participants to identify and mitigate,” SEC Chairman Jay Clayton says in a statement.
Read MoreIn the first half of 2019, data breaches increased by 54% compared to the first six months of 2018, according to a study by Risk Based Security. The amount of data breaches in the headlines has only increased in recent months, and as we look ahead to 2020, I expect to see more of the same.
The question is, are hackers really getting that much better at cyberattacks, or is it that organizations still aren't taking the steps needed to reduce their risk and exposure to the threats they are facing? I think it's a mixture of both. But certainly, the fact that three out of four organizations aren't providing basic cybersecurity training to their employees, according to a survey my company did with Censuswide, isn't helping things. The easier people make it for cyberattackers to exploit weak cyberpractices, the more we're going to see hackers take the easiest way into an enterprise.
Read MoreFinancial advisers don't want to talk about cybersecurity.
Read MoreFirm Operations:
The 2019 Report focuses on cybersecurity, business continuity plans (BCPs) and fixed income mark-up disclosure. Noteworthy examination findings and observations include:
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