Whether you are a Principle or Partner, it should come as no surprise that the financial sector is the single most targeted industry when it comes to cyber attacks.
As mentioned in the Global Banking & Finance Review, "As data breaches are now an almost daily occurrence with both large enterprises and SMEs making headlines for compromises to intellectual property, the security of remote workers should be a high priority for any organisation. According to recent research from Apricorn, 48% of surveyed companies said employees are their biggest security risk, and one in ten companies with over 3,000 employees do not have a security strategy."
The SEC Brings Its First Enforcement Action under the Identity Theft Red Flags Rule
On September 26, 2018, the Securities and Exchange Commission (SEC) settled claims that Voya Financial Advisors, Inc. (VFA) failed to adequately protect customer information following a six-day cyber attack in 2016. The SEC’s order not only cites violations of the Safeguards Rule under Regulation S-P (a staple of SEC cyber security enforcement actions against broker-dealers and investment advisers), but also is the SEC’s first enforcement action for a violation of the Identity Theft Red Flags Rule under Regulation S-ID, which requires certain SEC registrants to create and implement programs to detect, prevent and mitigate identity theft. Click here for more details.
Financial institutions face 300% more cyber attacks that any other sector. The threat has gotten so far out of hand that numerous government agencies fear these cyber criminals are the biggest threat to bank stability. According to SEC Chair Mary Jo White, cyber attacks are such a grave concern that it overtakes terrorism in the Division of Intelligence’s list of global threats. There is one practice in particular that puts financial institutions at risk of a hack: Working Remote.
In the JP Morgan breach of 2014, 83 million customer records were compromised. That is 83 Million records stolen in just ONE breach. This incident is "the largest theft of customer data" and it all started with one employee working from home.
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