S.E.C. CYBERSECURITY EXAMINATION SWEEP SUMMARY

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S.E.C. CYBERSECURITY EXAMINATION SWEEP SUMMARY

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In a random sample of registered broker-dealers and investments by the SEC most of the firms have been subject to cyber-related incidents.  These findings have major implications for investors and investment professionals alike.

The SEC’s stock-photo-21182024-interface-touchrecent sweep of 57 registered broker-dealers and 49 investment advisers revealed the following steps the investment community has taken to prevent, detect and correct cybersecurity threats:

  • The vast majority of examined broker-dealers (93%) and advisers (83%) have adopted written information security policies. Most of the broker-dealers (89%) and the majority of the advisers (57%) conduct periodic audits to determine compliance with these information security policies and procedures.
  • The vast majority of examined firms conduct periodic risk assessments, on a firm-wide basis, to identify cybersecurity threats, vulnerabilities, and potential business consequences.
  • Most of the examined firms reported that they have been the subject of a cyber-related incident
  • Many examined firms identify best practices through information-sharing networks

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