Cybersecurity Archives - Page 3 of 4

Cybersecurity in the Time of COVID-19

Posted on September 15, 2020 by SCM Communications

For many firms, a remote workforce is now a new reality. Even with many states’ shelter-in-place restrictions lifting, firms are continuing with their work-from-home strategies for the majority of their staff. This transition and the related challenges have forced firms to re-evaluate their current cybersecurity and remote policies and procedures. The following considerations are important to ensure that your remote staff has the tools in place to adhere to regulatory rules, firm procedures, and best practices.

Safeguarding Client Information

Posted on September 20, 2019September 24, 2019 by SCM Communications

With the transition into the electronic storage of client data, Investment Advisers and Broker-Dealers are faced with more complex compliance issues regarding safeguarding client information and records. The United States Securities and Exchange Commission (“SEC”) OCIE Risk Alert from May 2019 addresses some of the issues and concerns identified with cloud-based storage and possible issues to consider regarding the protection of electronic client and business data.

Imposter Websites Reported by Member Firms

Posted on May 14, 2019May 14, 2019 by SCM Communications

FINRA has recently received notice from several FINRA member firms indicating that they have been victims of imposter websites designed to mimic their actual websites with the end goal of committing financial fraud.

Fraudulent Phishing Emails – A Warning from FINRA

Posted on February 25, 2019September 16, 2019 by SCM Communications

FINRA warns member firms to be on the lookout for a fraudulent phishing emails that are currently circulating. Recently, member firms have reported to FINRA that they have received suspicious emails targeting their compliance personnel.

NASAA Proposes Information Security Rule for RIAs

Posted on October 17, 2018October 17, 2018 by SCM Communications

The North American Securities Administrators Association, Inc. (“NASAA”) is requesting public comment regarding a proposed model rule for information security and privacy for registered investment advisers (RIAs) under the Uniform Securities Acts Of 1956 And 2002. NASSA has been actively working on addressing various investment adviser-related cybersecurity concerns and desires for several years and has identified a significant need for more information and tools regarding cybersecurity.

Cybersecurity Programs Remain a Priority in 2018

Posted on July 12, 2018 by SCM Communications

Cybersecurity programs remain a significant priority for financial services industry regulators, including the SEC, FINRA, and state securities regulatory agencies. As mentioned in FINRA’s 2018 Annual Regulatory and Examination Priorities Letter, member firms need to have cybersecurity programs in place and such programs must capable of protecting sensitive information, including personally identifiable information of clients, from both internal and external threats. Over the past couple of years, awareness of cybersecurity risk has increased dramatically. However, as awareness increases, so does the sophistication of cybersecurity threats. And even a robust cybersecurity program can be compromised by something as simple as an employee opening an email attachment that contains malware. So, what can a firm do to combat phishing and spearphishing attacks, ransomware attacks, fraudulent third-party wires, etc.?