Do You Know What the SEC Expects for Cybersecurity in 2023?
Hint: It's not what it used to be.
In March of 2022 the SEC issued a proposed rule on cybersecurity... and laid out why they can enforce the rule already, even while it is in proposed status. There are major implications for the cybersecurity for RIAs... at least if you want to be compliant.
Currently, advisors are expected to implement cybersecurity rules under existing regulation. However, no regulations explicitly state how RIAs are to implement comprehensive cybersecurity programs.
The new rule:
- Requires RIAs to have written cybersecurity policies and procedures to be formulated based on their business operations.
- Stipulates annual reviews of the policies and procedures and regular updates to meet the ever-changing cyber threats.
- Requires financial and investment companies to anticipate advanced threats and protect critical client data from harm or loss.
- Propose amendments to disclose security incidents to the SEC, clients and prospective clients.
Download your free copy of this eBook to discover:
- The compliance regulations the SEC is rolling out.
- The cybersecurity controls the SEC expects you to have in place.
- The difference between security and compliance.
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What You Need To Know About
The SEC's Cybersecurity Rule