FINRA has sent targeted sweep letters to almost 20 broker-dealers conerning their approaches to managing cybersecurity risks. http://www.finra.org/Industry/Regulation/Guidance/TargetedExaminationLetters/P443219; and http://www.sec.gov/News/Testimony/Detail/Testimony/1370540757488#.UvVcWJUo61s.
Among other questions, the survey asks the firms about their approaches to information technology; risk assessment; business continuity plans in case of cyber-attack; organization structures and reporting lines; and processes for sharing and obtaining information about cybersecurity threats. The survey was prompted by the fact that broker-dealers consistently have indicated that cybersecurity is one of their top five risk concerns.
This is a regulatory priority and firms need to address it.
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