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Cyberattacks on the rise with financial sector a top target, report reveals
Blackberry cybersecurity solutions team says attacks include novel methods.
$10M penalty vs. NYSE parent goes too far, say SEC commissioners
Two dissenting voices from the federal regulator warned the penalty could create "a counter-productive dynamic" with its regulated entities.
SEC slaps NYSE parent firm with $10M penalty for cyber reporting failure
The federal securities regulator says the exchange giant took four days to report a vulnerability in its network, violating its internal procedures.
SEC tightens rules around data breach disclosures
Updates to a 24-year-old rule will require firms, including broker-dealers and RIAs, to prevent cyber risks and notify clients of incidents.
Tech firm takes generative AI to the RIA space
First-of-its-kind RIA GPT promises to boost advisors’ productivity and enhance client outcomes, while still complying with SEC rules.
JP Morgan data breach hits 451,000 retirement plan members
The financial services giant reported a years-long system failure that exposed names, addresses, Social Security numbers, and other sensitive info.
Finra caught up in email phishing scheme
A new cybersecurity alert warns member firms to be wary of fraudulent messages impersonating key members of the regulator’s leadership.
Osaic, Securities America fined by Finra over cybersecurity
The regulator fined the firms $150,000 each for failures related to protecting thousands of clients’ private information and cybersecurity gaffes.
Grayscale places bet on data privacy with industry-first ETF
Crypto asset management giant seeks to invest in data privacy providers, as well as blockchain and AI-based cybersecurity.
Giant bank goes old school as hack bites
Regulators, governments try to assess fallout as suspected Russian cyberattack creates mayhem.
AI scams contribute to rise in investment fraud
A record $3.82 billion was stolen through investment fraud in 2022, a 128% increase over the previous year.
Retirement Clearinghouse reports data breach
Social Security and account numbers were compromised in a phishing attack, but accounts were not accessed, according to the firm.
SEC proposes first cybersecurity rule for investment advisers
Under the regulation, advisers would have to adopt and implement policies and procedure to address cyber risks and report incidents to the SEC and on their Form ADV.
SEC warns of widespread issues with robo-advice
The agency issued a risk alert and deficiency letters to almost all of the robo-advisers examined, citing shortcomings in how the companies manage portfolios and disclose conflicts. The alert could signal future enforcement actions.
Protecting client data in account aggregation
It’s up to advisers to communicate with investors who need help with understanding the management of risk across multiple accounts.
Prepping fintech platforms for the next cyberattack
It’s critical for fintech firms to have incident response plans if a catastrophic event and subsequent cyberattack were to happen.
SEC marketing rule causes advisers most compliance concerns
Even though advisers don’t have to comply with the rule for more than a year, it ranked as the hottest compliance topic, according to a survey; cybersecurity and climate change/ESG were other areas worrying advisers.
SEC fines multiple firms for cybersecurity lapses that exposed client data
The agency fined 8 firms, including Cetera and Cambridge, a total of $750,000 for inadequate policies and procedures to protect customer information.
T-Mobile data breach highlights cybersecurity issues for clients
Advisers should be proactively discussing the attack with clients to protect those that have current or past association, experts say. There are simple tips for clients to follow.
Cyber insurance for 401(k)s rises in cost, demand
Coverage is now harder to get, and it costs more, largely due to the higher volume of attacks that resulted in higher loss ratios for insurers.
