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<b><i>Online Extra:</b></i> SEC to Focus on Cybersecurity Compliance in 2016
In 2016, the U.S. Securities and Exchange Commission will remain focused on assessing cybersecurity efforts by investment adviseors and broker-dealers. The agency's Office of Compliance Inspections and Examinations'announced its 'examination priorities' for the year'on Jan. 13 and cybersecurity protocols were once again a top concern. This is the third year in a row tha cybersecurity protocols made the cut, according to Anne Peterson of McGuireWoods, who'blogged about the OCIE guidance. Here's what Peterson says you have to know:
- Secure? Prove it: 'Security is no longer an academic discussion and ' OCIE examiners will ask hard questions,' warns Peterson. They'll want to know exactly how security measures work and will demand proof that they protect customers.
- Assess and Assess Again: 'Periodic risk assessments, with documented benchmarks for success, are now an integral part of verifying compliance with SEC obligations,' Peterson says. OCIE will want to know that new information about cyberattacks is routinely incorporated into existing security programs.
- Oversight Is Here to Stay: Peterson predicts that the SEC's focus on cybersecurity will continue into 2017. She envisions the 'SEC mandat[ing] that financial firms exchange information regarding cyberattacks to maintain industry awareness of threats to consumer information.'
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In 2016, the U.S. Securities and Exchange Commission will remain focused on assessing cybersecurity efforts by investment adviseors and broker-dealers. The agency's Office of Compliance Inspections and Examinations'announced its 'examination priorities' for the year'on Jan. 13 and cybersecurity protocols were once again a top concern. This is the third year in a row tha cybersecurity protocols made the cut, according to Anne Peterson of McGuireWoods, who'blogged about the OCIE guidance. Here's what Peterson says you have to know:
- Secure? Prove it: 'Security is no longer an academic discussion and ' OCIE examiners will ask hard questions,' warns Peterson. They'll want to know exactly how security measures work and will demand proof that they protect customers.
- Assess and Assess Again: 'Periodic risk assessments, with documented benchmarks for success, are now an integral part of verifying compliance with SEC obligations,' Peterson says. OCIE will want to know that new information about cyberattacks is routinely incorporated into existing security programs.
- Oversight Is Here to Stay: Peterson predicts that the SEC's focus on cybersecurity will continue into 2017. She envisions the 'SEC mandat[ing] that financial firms exchange information regarding cyberattacks to maintain industry awareness of threats to consumer information.'
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