FBI Makes Broker-dealers an Offer They Can’t Refuse: Talk to Us About Cybersecurity

Speaking last week at FINRA’s annual conference in Washington, D.C., Donald Good, Assistant Director of the FBI’s Cyber Division, discussed steps the FBI is taking to help members of the securities industry deal with cyber-threats, as well as steps the FBI hopes firms will take in response.  For example, as the Department of Justice recently suggested, Good urged members of the securities industry to build a relationship with the FBI prior to experiencing a data breach so that a firm’s breach response—which, depending on the circumstances, may involve law enforcement—is slightly less  chaotic.  Good also suggested that firms sign up to receive “PIN,” “FLASH,” and “JAB” alerts from the FBI, each of which provides a different type of notification discussing cyber-threats identified by the agency.  Lastly, citing the FBI’s response to Sony’s recent data breach, Good attempted to reassure members of the industry that if the FBI becomes part of a firm’s breach response, it will not “shut down your business” or “take over your network.”

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