Cybersecurity for Broker-Dealer Archives

Data Storage and Cybersecurity Best Practices

Posted on November 30, 2023 by SCM Communications

Broker Dealers and Registered Investment Advisors (“RIAs”) live in a time of data threats from all angles. The financial services industry is faced with many unique requirements for storing sensitive client data for extended timeframes, and by doing so, the industry has become a primary and lucrative target for scammers. The following practices help ensure that access and data integrity is controlled and tracked properly. Cybercriminals are constantly developing new ways to infiltrate systems, and the only way to mitigate the threat is to keep evaluating what your broker dealer or RIA can control and improve what it cannot control Read more about Data Storage and Cybersecurity Best Practices[…]

Cyber security is complex and cyberthreats are constantly evolving. Therefore, a substantial challenge that many firms face is that they just do not have the in-house resources available to dedicate a team of individuals to a cyber security program.

Cyber Security – Is the “Blind leading the Blind?”

Posted on April 10, 2023April 21, 2023 by SCM Communications

As consultants, we can’t emphasize enough the importance of having a proactive cyber security program that is specifically tailored to protect disruption of critical systems as well as protection of sensitive data for both the firm and its customers.

Lessons from FINRA’s Cybersecurity Conference

Posted on November 24, 2020November 24, 2020 by SCM Communications

As the end of the year approaches, it is a good time to revisit cybersecurity focus points and remind firms and their representatives of potential weaknesses. Cybersecurity is no longer a big firm program. Cyber-attacks occur from one-man shops to multibillion-dollar financial institutions.

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.

Cybersecurity for Broker-Dealers

Posted on June 3, 2016May 18, 2020 by admin

As technology continues to advance and broker-dealers become increasingly more dependent on it, the topic of cybersecurity has been pushed to the forefront in the financial industry. The nature of the industry requires broker-dealers to maintain records of client sensitive information including, but not limited to the following: account numbers, social security numbers, licenses, and financial condition. If any of this information is compromised from an outside source, not only will the investor suffer but the broker-dealer may also suffer. Read More…