Hackers Gonna Hack—FINRA’s Report on Cybersecurity Practices Assists Firms in Responding to Threats

On February 3, 2015 the Financial Industry Regulatory Authority (FINRA) released its long-awaited Report on Cybersecurity Practices, a broad overview of the state of play in the cybersecurity arena for broker-dealers. (Although FINRA has examined only broker-dealers, its Report is helpful for the entire securities industry.) The Report is the culmination of FINRA’s 2014 targeted examination of firms, supplemented by information FINRA has learned in other initiatives. The Report presents FINRA’s current thinking on steps firms should consider taking to mitigate the risk of a cyberattack and steps that may help firms respond to an attack. The bottom line is that financial services firms are the target of cyberattacks and FINRA’s Report is meant to assist firms in responding to those threats.

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