Cybersecurity Issues Discussed at SEC Speaks
During the Practicing Law Institute’s annual SEC Speaks conference last week, the SEC reiterated its commitment to focusing on cyber security issues in the coming year. SEC Commissioner Mary Jo White commended the examination staff of the Office of Compliance Inspections and Examinations (OCIE) for their efforts to broaden the SEC’s reach, specifically referencing their involvement in the broker-dealer and investment-advisor cyber security sweep of the previous year. David Glockner, the director of the SEC’s Chicago Regional Office, noted during his discussion of the SEC’s whistleblower program that while “[c]yber security … is an area where [the SEC has] not brought a significant number of cases,” it is “high on [the SEC’s] radar screen.” Mr. Glockner also noted that the SEC plans to continue its implementation of data analytics in the cyber security arena, including procedures to monitor cybersecurity controls and disclosures. In light of these remarks, and the press received by recent cyber security attacks against high-profile targets, cyber security issues are sure to a hot topic at the SEC in 2015.
