From: Reuters
NEW YORK (Thomson Reuters Regulatory Intelligence) – In the wake of the recent WannaCry ransomware attack, the Securities and Exchange Commission’s exam team is warning investment advisers that many are failing to perform steps critical to fighting cyber security attacks.
In specific, a relatively high percentage of advisers examined are failing to conduct continuous cyber-risk assessments, nor are they performing penetration or venerability tests. The shortcomings were far higher among investment advisers than among broker-dealers, and concerns raised by the WannaCry attack were particularly relevant to smaller firms.
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