SEC Alert Details ‘Robust’ Cybersecurity Best Practices
August 11, 2017 | Melanie Waddell | Think Advisor
While advisors, broker-dealers and mutual fund firms have stepped up their cybersecurity preparedness, most notably in crafting written policies and procedures, more steps are needed, according to the Securities and Exchange Commission’s exam division.
The agency’s Office of Compliance Inspections and Examinations released Monday a Risk Alert detailing results of its Cybersecurity 2 initiative in which the agency examined 75 firms registered with the SEC to assess how the firms are implementing cybersecurity measures.
The Cybersecurity 2 Initiative built upon prior cybersecurity exams, particularly OCIE’s 2014 Cybersecurity 1 Initiative, and involved more validation and testing of procedures and controls surrounding cybersecurity preparedness than was previously performed.
