SEC steps up intensity of cybersecurity oversight

he SEC has been concerned for years about online attacks that could expose financial advisors’ customer data, but the agency’s intensity on the topic is now reaching a crescendo.

Advisor ArmorMay 16, 2023

Reminder: The FTC “Safeguards Rule” Compliance Date is Next Month

The Federal Trade Commission updated its “Standards for Safeguarding Customer Information” (“Safeguards Rule”) and extended the compliance deadline to June 9, 2023. Some entities still may be wondering – “Do these regulations apply to my business?” and “What do I have to do?”

Advisor ArmorMay 4, 2023

Branch Offices Lack Policies for Protecting Client Records: SEC

The Securities and Exchange Commission warned broker-dealers and advisors Wednesday about the importance of having written policies and procedures for safeguarding client records and information at branch offices, since some firms have experienced cybersecurity and data breaches.

Advisor ArmorApril 27, 2023

The SEC Expands Focus on Cybersecurity Risk to Include Registered Advisers, Broker‑Dealers, and other Market Participants

Last month, the SEC took a big step toward strengthening the cybersecurity of financial systems by proposing regulations that, taken together, will require registered investments advisers, broker‑dealers, and all national securities exchanges, among others, to implement additional measures to protect their systems.[1] Since these are proposed rules, there is time for affected companies to comment on them and prepare for their requirements.

Advisor ArmorApril 21, 2023

SEC Proposes Sweeping New Cybersecurity Rules: Is Your Company Prepared?

On March 15, 2023 the Securities and Exchange Commission (“SEC”) proposed three new sets of rules (the “Proposed Rules”) which, if adopted, would require a variety of companies to beef up their cybersecurity policies and data breach notification procedures. As characterized by SEC Chair Gary Gensler, the Proposed Rules aim to promote “cyber resiliency” in furtherance of the SEC’s “responsibility to help protect for financial stability.”[1]

Advisor ArmorApril 13, 2023

How improper off-boarding can hurt your business

Are you the type of business owner who forgets about ex-employees as soon as they’re gone? Failing to remove former employees’ access to your systems and data could lead to security breaches. Don’t let poor off-boarding practices be the weak link in your cybersecurity chain.

Advisor ArmorMarch 30, 2023

SEC Reopens Comment Period for Proposed Cybersecurity Rule

The Securities and Exchange Commission is reopening the public comment period for its proposed rule on cybersecurity after it was initially released last year.

Advisor ArmorMarch 23, 2023

T3 2023: Few firms adopting cybersecurity tools

Advisor Armor named #1 Cybersecurity Compliance Software by T3 Investment Advisor Survey

Advisor ArmorMarch 16, 2023

SEC to Increase Onsite Advisor Exams

The Securities and Exchange Commission plans to “significantly” increase onsite exams of advisors within the next six months, Natasha Greiner, deputy director of the SEC’s Division of Examinations, said Thursday.

In 2022, the SEC examined approximately 15% of RIAs.

Advisor ArmorMarch 3, 2023

NSA Releases Best Practices For Securing Your Home Network

“In the age of telework, your home network can be used as an access point for nation-state actors and cybercriminals to steal sensitive information,” said Neal Ziring, NSA Cybersecurity Technical Director. “We can minimize this risk by securing our devices and networks, and through safe online behavior.”

Advisor ArmorMarch 3, 2023