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SEC Exams Reveal Mixed Bag of Financial Firms' Cyber-Security Efforts

Joe Mont | February 3, 2015

Last year, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations examined 57 registered broker-dealers and 49 registered investment advisers in an effort to better understand how they address the legal, regulatory, and compliance issues associated with cyber-security. Now, as promised, OCIE is sharing what it learned.

Among the matters examiners studied were practices for identifying risks related to cyber-security; establishing cyber-security governance, including policies, procedures, and oversight processes; protecting firm networks and information; identifying risks associated with remote access to client information and transfer requests; addressing risks associated with vendors and third parties; and detecting unauthorized activity.

An OCIE risk alert released this week breaks down the findings of the...

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