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.