As is the case with most regulating bodies trying to gain control over an elusive adversary the SEC may be forced to resort to more and great fines to spur firms to engage in more prudent cyber/data security practices.
“A decade ago, throwing sensitive data away in the trash would have been careless but the breaches weren’t so bad. Now, they can lead to far more serious breaches if you’re not careful. The SEC’s first exercise was really an information gathering one and I think they realised that financial organisations aren’t that tight. I think we will start to see more exam findings, fines and actions coming from the SEC. The message is clear: the SEC is taking cybersecurity very seriously,” says Doyle candidly. MORE