While regulators and companies have focused on cybersecurity efforts to keep data secure, the SEC’s recent administrative proceeding against Deutsche Bank Securities Inc. (DBSI) emphasizes that policies and practices to secure data must also safeguard material nonpublic information (MNPI) – including information generated by research analysts – from being disseminated, including via emails, chats, telephone calls and in-person meetings. See “Selective Dissemination of Research Through Surveys, Trade Ideas Platforms, Huddles and Desk Research: What Are the Implications for Hedge Funds?” (Aug. 2, 2012). The SEC’s order explains that DBSI has agreed to pay a $9.5 million penalty for (1) failing to properly safeguard MNPI generated by its research analysts; (2) publishing an improper research report; and (3) failing to properly preserve and provide electronic chat records sought by the SEC. This article explores the lessons about securing MNPI that hedge fund managers and other financial services companies can glean from the DBSI action. For more on insider trading, see “Hedge Funds in the Crosshairs: The Law of Insider Trading in an Active Enforcement Environment” (Feb. 17, 2010); “Perils Across the Pond: Understanding the Differences Between U.S. and U.K. Insider Trading Regulation” (Nov.  9, 2012); as well as our two-part series “How Can Hedge Fund Managers Apply the Law of Insider Trading to Address Hedge Fund Industry-Specific Insider Trading Risks?”: Part One (Aug. 7, 2013); and Part Two (Aug. 15, 2013). For additional coverage of the SEC’s action against DBSI, see “SEC Action Emphasizes Importance of Safeguarding Analyst Reports and Opinions From Improper Disclosure” (Oct. 20, 2016).