RIA Compliance Consultants updated it Cybersecurity Identity Theft Best Practices checklist in light of the U.S. Department of Treasury Financial Crimes Enforcement Network’s (FinCEN) Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime. On October 25, 2016, FinCEN issued an advisory on reporting requirements for cyber-events. FinCEN issued the advisory because,
“The proliferation of cyber-events and cyber-enabled crime represents a significant threat to consumers and the U.S. financial system. The Financial Crimes Enforcement Network issues this advisory to assist financial institutions in understanding their Bank Secrecy Act (BSA) obligations regarding cyber-events and cyber-enabled crime. This advisory also highlights how BSA reporting helps U.S. authorities combat cyber-events and cyber-enabled crime.”
You can read FinCEN’s Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime in its entirety here.
Given investment advisers’ increasing reliance on technology to support, facilitate, and maintain critical business operations – and an expanding market for illicitly and illegally obtained confidential information – cybersecurity is a foundational component of every healthy investment adviser firm. New technologies, such as cloud computing, can bring new benefits but are accompanied by new risks. An investment adviser firm that does not appropriately plan for the risks associated with its use of technology exposes itself to the potential for the loss of sensitive and confidential information, the consequences of which can include both civil and regulatory liability.
In the ever-changing world of cybersecurity, the need to regularly review your investment adviser firm’s cybersecurity practices remains constant. RIA Compliance Consultants has created a best practices checklist that investment adviser firms can use to supplement their discussions with IT staff and information security consultants. Click here to purchase our Cybersecurity Best Practices Checklist or click here to view our Cybersecurity Package, which includes both the checklist and our Cybersecurity for Investment Advisers webinar. If you would like more information regarding the Cybersecurity Best Practices Checklist or any of our compliance support services, contact your consultant or click here to schedule an introductory call.