Regulators Secret Weapon Against Cyberattackers

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has issued risk alerts for the past two years regarding the OCIE’s launch and follow-up summary of OCIE’s Cybersecurity Examination Initiative. As an example of the SEC’s increased scrutiny of firms’ cybersecurity measures, in 2015 the SEC instituted its first enforcement proceeding against a registered investment advisor for violations of Rule 30(a) of Regulation S-P, based on a failure to adhere to reasonable cybersecurity measures.

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