MarketWatch writes article about A crackdown is coming on firms with lax cybersecurity:
By Priya Anand
Published: Oct 16, 2015 5:57 p.m. ET
By
PriyaAnand
Consumer fraud reporter
Financial firms that have lax cybersecurity practices can expect a
crackdown from regulators, the head of the Securities and Exchange
Commission’s enforcement unit said Friday.
‘If firms don’t have appropriate policies and procedures in place, that
could be a [regulation S-P] violation,’ the director of the SEC’s
Division of Enforcement, Andrew Ceresney said, referring to a rule that
requires financial institutions to protect customer information.
The warning from the regulator five months after the SEC released
results from a cybersecurity survey of 57 registered broker-dealers and
49 investment advisers, which sought to gauge whether firms are
prepared against cyber criminals and what risks they may face. It found
that 88% of broker-dealers and 74% of advisers have experienced
cyber attacks, either directly or through a vendor. The Financial
Industry Regulatory Authority, Wall Street’s self-regulator, conducted
a similar survey, and both have since issued guidance as to how firms
MarketWatch Article Source Here.