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Cybersecurity for Securities Firms: Batten Down the Hatches and Get Your Shark Cage Ready Because “Only the Paranoid Survive.”

Just when you thought it was safe to go back in the water and have a quiet summer, U.S. Securities and Exchange Commission Commissioner Luis Aguilar hoisted the warning flags. At the end of June, he gave a wide-ranging speech addressing a number of cyber-related problems facing the securities industry. In their article for Law360, “Cybersecurity for Brokers: ‘Only the...

FINRA Warns Broker-dealers About Increase in Denial-of-service Attacks

FINRA warned broker-dealers last week that several FINRA members have recently been the victims of distributed denial of service (DDoS) attacks from a criminal group known as DD4BC. (In general terms, a DDoS attack bombards a target website with messages in an effort to make the site unavailable to legitimate users.) According to FINRA, DD4BC first sends its target a ransom request for...

Sutherland Partner Addresses Cybersecurity Concerns in TheStreet

Sutherland Partner Mary Jane Wilson-Bilik was recently quoted in TheStreet article “What Banks and the IRS Should Do to Prevent a Cyber 9/11” authored by  Marguerite Arnold. In this article, Mary Jane addresses cybersecurity threats and the potential impact a large-scale cyberattack may have on critical infrastructure.

What Funds Can Take Away From SEC Cybersecurity Guidance

In late April 2015, the U.S. Securities and Exchange Commission responded to the heightened risk of data breaches at the entities it regulates by issuing prescriptive guidance on cybersecurity for all investment advisers and registered investment companies, including mutual funds, insurance separate accounts and business development companies (funds). In her article for Law360,...

SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of Investment Management issued new Cybersecurity Guidance on April 28, 2015. As RICs and advisers become ever more dependent on information technology to conduct their...

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