Home/SEC Releases Risk Alert on Ransomware

SEC Releases Risk Alert on Ransomware

WHAT HAPPENED?

On May 17, 2017, the SEC released a risk alert on a widespread ransomware attack, known as WannaCry, WCry or Wanna Decryptor. The hacker(s) conducting the cyber-attack have infiltrated the servers of organizations across more than 100 countries through a Microsoft® Remote Desktop Protocol compromise, exposures in Windows Server Message Block version 1, malicious websites and phishing emails.

RECOMMENDED NEXT STEPS

The SEC encourages investment advisers and broker-dealers to:

  1. Review the alert released by the U.S. Department of Homeland Security’s Computer Emergency Readiness Team; and
  2. Install the applicable Microsoft® patches for Windows XP, Windows 8 and Windows Server 2003 operating systems in a timely manner.

The SEC also reminded investment advisers and broker-dealers about the importance of performing the following security procedures:

  1. Conducting periodic cyber-risk assessments and penetration tests of critical systems to identify cybersecurity vulnerabilities; and
  2. Ensuring the process implemented for system maintenance facilitates regular updates to enable a rapid response capability.

Fairview advises clients to be cautious when opening emails and to avoid sending or opening attachments through email when possible.

About the Author:

Fairview
Founded in 2005 with the goal of developing streamlined back office solutions for investment advisers. Fairview is now servicing investment advisers, foundations and funds with over $132 billion in collective assets.