On February 3, 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the US Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) announced the results of their cybersecurity examination initiatives. OCIE reported the results of its cybersecurity initiative in a “risk alert,” which offers observations of industry cybersecurity practices (without any recommendations), which investment advisers and broker-dealers can use to review and enhance their cybersecurity programs. FINRA’s report on its cybersecurity initiative provides observations regarding broker-dealers’ current cybersecurity practices, as well as recommendations from FINRA regarding effective cybersecurity practices for broker-dealers.
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