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Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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]