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Alternative Market Briefing

Managers need to be aware of new SEC cybersecurity guidance

Thursday, May 07, 2015

Benedicte Gravrand, Opalesque Geneva:

The SEC last year examined 57 registered broker-dealers and 49 registered investment advisers to better understand how they address the legal, regulatory, and compliance issues associated with cybersecurity, and issued its initial findings in February.

The SEC’s Division of Investment Management has now issued additional cybersecurity guidance in the form of a Guidance Update.

The Guidance Update lists a number of things that firms can do to improve their cybersecurity program, including:

1. Conduct a periodic assessment of: (1) the nature, sensitivity and location of information that the firm collects, processes and/or stores, and the technology systems it uses; (2) internal and external cybersecurity threats to and vulnerabilities of the firm’s information and technology systems; (3) security controls and processes currently in place; (4) the impact should the information or technology systems become compromised; and (5) the effectiveness of the governance structure for the management of cybersecurity risk. An effective assessment would assist in identifying potential cybersecurity threats and vulnerabilities so as to better prioritize and mitigate risk.

2. Create a strategy that is designed to prevent, detect and respond to cyber......................

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