Finra Releases Cybersecurity Practices Report
Eight sections with suggested practices broker-dealers should adopt
The 46-page report is based off of a targeted examination, also known as a sweep, of an assortment of firms that looked into the types of threats firms face, the parts of firms' systems that might be susceptible to an attack, and how they're handling cybersecurity threats.
The results from the sweep mirrored that of a 2011 Finra survey where firms considered their top three cybersecurity threats: hackers, insiders compromising data and operational risks (power failures, earthquakes, etc.)
The report is broken down into eight sections, each of which includes a "Principles and Effective Practices" portion that summarizes what firms should implement to best protect themselves against cybersecurity. The sections are:
·Governance and risk management for cybersecurity
·Cybersecurity risk assessment
·Technical controls
·Incident response planning
·Vendor management
·Staff training
·Cyber intelligence and information sharing
·Cyber insurance
The report falls in line with Finra's 2015 Regulatory and Examinations Priority letter released earlier this year. The letter identified cybersecurity as one of five key areas of focus for the coming year.
"Broker-dealers face a variety of rapidly evolving cybersecurity threats, which require a well-designed and adaptable cybersecurity program," said Susan Axelrod, executive vice president for regulatory operations at Finra. "Finra is keenly focused on cybersecurity, and firms must make responding to these threats a high priority. This report builds on the insights from our recent cybersecurity sweep and highlights a series of principles and effective practices that firms can adapt to their particular circumstances."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Chevron’s absence leaves questions for elusive AI regulation in US
The US Supreme Court’s decision to overturn the Chevron deference presents unique considerations for potential AI rules.
Aussie asset managers struggle to meet ‘bank-like’ collateral, margin obligations
New margin and collateral requirements imposed by UMR and its regulator, Apra, are forcing buy-side firms to find tools to help.
The costly sanctions risks hiding in your supply chain
In an age of geopolitical instability and rising fines, financial firms need to dig deep into the securities they invest in and the issuing company’s network of suppliers and associates.
Industry associations say ECB cloud guidelines clash with EU’s Dora
Responses from industry participants on the European Central Bank’s guidelines are expected in the coming weeks.
Regulators recommend Figi over Cusip, Isin for reporting in FDTA proposal
Another contentious battle in the world of identifiers pits the Figi against Cusip and the Isin, with regulators including the Fed, the SEC, and the CFTC so far backing the Figi.
US Supreme Court clips SEC’s wings with recent rulings
The Supreme Court made a host of decisions at the start of July that spell trouble for regulators—including the SEC.
This Week: FCA, Plato/Turquoise, Franklin Templeton, and more
A summary of the latest financial technology news.
Insurers deny cyber premiums are rising
Contrary to banks’ complaints, underwriters and brokers claim current market for policies is soft.