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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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]