On March 31, 2022, the Securities Industry and Financial Markets Association (“SIFMA”) released its after-action report on Quantum Dawn VI – a global financial-markets cybersecurity exercise....more
Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more
It reads like a movie script: First, the financial services industry experiences a bout of firm-specific attacks in the form of distributed denial of service (DDoS), domain name system (DNS) poisoning, or breach of personally...more
It seems as if every day there is a new report of a data breach or cyber attack. For the same reason that Willie Sutton robbed banks — “because that’s where the money is” — cyber criminals have been incessant in their...more
A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more
This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more