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Cloud computing provider, External IT, has released a white paper entitled “Financial Services Firms Face Further Scrutiny of Their Cybersecurity Practices:  Is Your Firm Ready?”  The report finds that financial cybersecurity is lacking in three key areas:  Security policy, accountability when moving company data, and disaster recovery.

In addition, firms are not doing a good enough job vetting third party vendors for adequate cybersecurity practices and technologies.  This report is timely given a September alert issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE) saying that they would be conducting a new round of cybersecurity inspections.

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