Surveys Show Cyber Risk Remains High for Investment Advisers and Other Financial Services Firms Despite Preventative Measures

The potential price tag of a cyber breach is immense and continuing to rise in the U.S. See “Investment Adviser Penalized for Weak Cyber Policies; OCIE Issues Investor Alert” (Oct. 1, 2015). This article summarizes three recent surveys conducted by the Ponemon Institute; TD Bank; and ACA Aponix, in conjunction with the National Society of Compliance Professionals, each of which provides insight into the current state of vulnerabilities of investment advisers and other financial firms. See also “How Hedge Fund Managers Can Meet the Cybersecurity Challenge: A Plan for Building a Cyber-Compliance Program (Part Two of Two)” (Dec. 10, 2015); and “RCA Panel Outlines Keys for Hedge Fund Managers to Implement a Comprehensive Cybersecurity Program” (Jun. 18, 2015).

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