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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Broker-Dealer Cybersecurity - FINRA Podcast (Part 2 of 3)
In the second of a 3-part series on common cybersecurity program deficiencies, Chip Jones, FINRA’s SVP of Member Relations and Education, leads a discussion with Dave Kelley, the Surveillance Director from FINRA's KC District Office, on formalizing the oversight of a firm's cyber program and strengthening controls around access to data and systems. The podcast duration is 6-1/2 minutes.
When formalizing a cybersecurity program, firms should incorporate the following elements:
- involvement of top management including, where applicable, the board of directors;
- one person dedicated to organizing the entire program firmwide (in a small firm, that might be the CCO or an outside IT consultant); and,
- communications between the designated person and top management.
The FINRA Small Firm Cybersecurity Checklist is designed to assist small firms in establishing a cybersecurity program to:
► identify and assess cybersecurity threats, protect assets from cyber intrusions
► detect when their systems and assets have been compromised
► plan for the response when a compromise occurs
► implement a plan to recover lost, stolen or unavailable assets
To control access to a firm’s data, a firm must have answers to the following questions:
- How do people get access?
- How is access taken away when people leave the firm?
- What type of monitoring is done on an annual basis to know who has access to data?
- Is the firm’s data stored on an internal server or on a vendor’s remote server?
- Who, at the firm, has more access to firm data than anyone else, and what is the process for knowing what they’re doing at any/all times?
When it comes to password protection, ... firm’s should require longer and more complex passwords that are changed periodically. Firms should also utilize “multi-factor authentication” for people who access firm data from outside the organization.
NEXT UP - PART 3 - Vendor Management, Branch Controls, Data Protection.
[Click here to access PART 1 OF 3]