From Think Advisor this recent article continues to emphasize the need for best practices and coverage included within an Advisor Armor subscription.
Advisors and broker-dealers. The SEC's Office of Compliance Inspections and Examinations issued a risk alert on cybersecurity in September. The results of OCIE's first round of cybersecurity exams were published last February, indicating that BDs were farther along than RIAs. The new round of exams will focus on six areas: governance and risk assessment, access rights and controls, data loss prevention, vendor management, training and incident response.
According to a recent report from External IT, an IT outsourcing firm that specializes in the financial industry, neither advisors nor broker-dealers are well prepared. The report, “Financial Services Firms Face Further Scrutiny of Their Cybersecurity Practices: Is Your Firm Ready?” highlighted some examples. MORE