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Joe Stanganelli
Joe Stanganelli
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SEC Cyber-Security Sweep: Good News, Bad News

In the wake of the SEC's cyber security examinations and a subsequent report, three causes for celebration and three serious action items have emerged from the SEC's recent cyber security examinations. These illustrate where the financial services industry should focus its information security efforts.
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Good News: Cyber Security Plans
OCIE found that 'the vast majority' of examinees - specifically, 93% of broker-dealers and 83% of investment advisers - have written information security policies in place. Better still, most of these policies and procedures go beyond prevention. In fact, 82% of the broker-dealers examined and 51% of the investment advisers examined address in their policies what happens after a breach, cyber-attack, or other data compromise. Specifically, they have outlined in writing disaster recovery plans for mitigating such an event - a step that many top experts identify as crucial for effective cyber security.
 (Image Source: Jeffrey Beall via Creative Commons license)

Good News: Cyber Security Plans

OCIE found that "the vast majority" of examinees specifically, 93% of broker-dealers and 83% of investment advisers have written information security policies in place. Better still, most of these policies and procedures go beyond prevention. In fact, 82% of the broker-dealers examined and 51% of the investment advisers examined address in their policies what happens after a breach, cyber-attack, or other data compromise. Specifically, they have outlined in writing disaster recovery plans for mitigating such an event a step that many top experts identify as crucial for effective cyber security.

(Image Source: Jeffrey Beall via Creative Commons license)

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