Tag: financial cybersecurity best practices
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A Comprehensive Roadmap for Data-Centric IT Risk Management in Financial Services
Data has become the lifeblood of the financial industry, particularly for investment advisers, broker-dealers, and investment companies. Managing IT risks associated with data is not just a regulatory necessity; it’s a fundamental component of maintaining client trust and ensuring operational resilience. This article provides a detailed roadmap to build and execute a data-centric IT risk… Read more
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How Third-Party Vendor Risk Cost Voya Financial Advisers $1,000,000
Financial advisory firms rely heavily on third-party vendors to streamline operations, connect with clients, and enhance service offerings. These vendors, often forming a financial firm’s supply chain, include robo-advisors, customer relationship management (CRM) systems, and other software services critical to client interactions and internal management. However, as the case of Voya Financial Advisors reveals, inadequate… Read more
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Understanding the SEC’s Proposed Cybersecurity Rule for Investment Advisers and Registered Investment Companies
The U.S. Securities and Exchange Commission (SEC) has proposed a significant cybersecurity rule (Release No. 33-11028) aimed at registered investment advisers (RIAs), investment companies, and business development companies. This proposed rule underscores the increasing focus on cybersecurity risk management in the financial sector and introduces new requirements for firms to strengthen their cybersecurity posture. The… Read more