If you’re in the financial services industry, you should be aware that U.S. regulators require financial services companies to make cyber attacks public in their company filings (See “OCIE Cyber Security Compliance” below). This requirement is to address the steady increase in cyber crime towards the industry and to maintain transparency between a company and their clients.
As one of the top targeted industries by cyber criminals, it is crucial that financial services organizations establish written policies to maintain their security posture, including:
Just a few months ago, the Office of Compliance Inspection and Examinations (OCIE) announced a Cybersecurity Examination Initiative to increase scrutiny of firms cybersecurity practices. Previous cybersecurity measures focused on industry practices, however the most recent initiative addresses the implementation of cyber policies and procedures, such as:
Below are some key steps to make sure your financial services firm is prepared should it have to undergo a screening by the OCIE:
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