Fairview is noticing an uptick in phishing reports by clients. There are several different forms of phishing that have emerged with the development of new kinds of technology and social media.
Read MoreOCIE released a Risk Alert outlining common compliance observations among investment companies, money market funds, and target date funds. The alert outlines general weaknesses and deficiencies that OCIE staff noticed during recent examinations.
OCIE discovered several security risks related to the storage of customer information by broker-dealers and advisers, particularly related to the use of cloud-based servers. The primary risk was found to stem from firms choosing not to utilize available security features on storage platforms.
On March 22nd, Peter Driscoll, OCIE Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative will focus on advisers who maintain remote offices and advisers that have merged firms.
The recent ransomware attack that has affected over 100,000 organizations has emphasized how immense the potential impact can be on the financial services industry. Firms must protect their network from these threats through various technical lines of defense.