As cyber threats evolve rapidly and become more sophisticated, financial institutions can be hard pressed to keep up with the latest developments, according to a 2014 report by the New York Department of Financial Services.
The risk of cyberattacks in the financial services industry is on the rise in 2014, and wealth management companies, broker-dealers and registered investment advisers are not exempt.
The threat is moving from large banks and brokerage houses to smaller firms as the larger institutions continue to invest in strengthening their security controls and countermeasures. No longer can smaller firms say they are too small to be attacked or that hackers would not want to bother with them.
Because of the nature of information that smaller firms like broker-dealers and investment advisers obtain about investors, they are especially vulnerable to cybersecurity threats. Firms have access to sensitive information including:
Social security numbers
Bank account numbers
Other valuable information
All the type of data that cybercriminals could potentially sell to the highest bidder. A beach of data in a small firm can be devastating since the information stolen may not be limited to financial or personal data but may also include:
Private intercompany communications
Vendor contract details
Confidential business information
Proprietary systems etc.
The stolen data could be used to decrease competitive advantages, target customers for further attacks or even blackmail.
Consequences for Noncompliance with FINRA and SEC such as suffering a data breach but also inadequate written procedures and a failure to conduct assessments of those procedures could result in fines of up to $250,000.
With SOCSoter you can:
Protect your endpoints no matter where they are
Perform vulnerability assessments of your current security controls
Work with specialists to build your security program, policies and procedures
Monitor your network for any malicious activity
Contact SOCSoter Today!
Talk to us for more information on how to protect your business from cyber threats.