New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives
Posted on Feb 10, 2015 in Financial Services | Comments Off on New York’s Insurance Regulator Announces Results of Cybersecurity Survey and Previews New Regulatory Initiatives
On February 9, the New York Department of Financial Services (DFS) released a Report on Cyber Security in the Insurance Sector (Report), summarizing the results of a survey completed by 43 insurers about their cybersecurity programs, costs and future plans. The Report also announced a series of measures that DFS will take in the future to help strengthen cybersecurity in the insurance...
Hackers Gonna Hack—FINRA’s Report on Cybersecurity Practices Assists Firms in Responding to Threats
Posted on Feb 5, 2015 in Financial Services | Comments Off on Hackers Gonna Hack—FINRA’s Report on Cybersecurity Practices Assists Firms in Responding to Threats
On February 3, 2015 the Financial Industry Regulatory Authority (FINRA) released its long-awaited Report on Cybersecurity Practices, a broad overview of the state of play in the cybersecurity arena for broker-dealers. (Although FINRA has examined only broker-dealers, its Report is helpful for the entire securities industry.) The Report is the culmination of FINRA’s 2014 targeted...
SEC Releases Results of 2014 Cybersecurity Exam Sweep
Posted on Feb 4, 2015 in Financial Services | Comments Off on SEC Releases Results of 2014 Cybersecurity Exam Sweep
On February 3, the Securities and Exchange Commission (SEC) issued a Risk Alert prepared by its Office of Compliance Inspections and Examinations (OCIE) that summarizes the results of a sweep of more than 100 broker-dealers and investment advisers that OCIE undertook in 2014 in order to assess the level of cybersecurity preparedness of the examined firms. A list of questions that OCIE...
New NY Department of Financial Services Cybersecurity Examination Process
Posted on Dec 14, 2014 in Financial Services | Comments Off on New NY Department of Financial Services Cybersecurity Examination Process
On December 10, 2014, New York State Department of Financial Services (DFS) Superintendent Benjamin M. Lawsky issued an industry guidance letter to all New York State chartered or licensed banking institutions announcing that DFS was expanding its examination procedures to increase its emphasis on cybersecurity and urging all institutions to make cybersecurity an “integral aspect of...
SIFMA Issues Cybersecurity Guidance
Posted on Sep 3, 2014 in Financial Services | Comments Off on SIFMA Issues Cybersecurity Guidance
The Securities Industry and Financial Markets Association (SIFMA) recently released its Small Firms Cybersecurity Guidance to help securities firms implement the basics of a good cybersecurity program. (Despite its name, SIFMA’s Small Firms Cybersecurity Guidance has tips that securities firms of all sizes could benefit from.) SIFMA’s Guidance includes eight basic cybersecurity “action...
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