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Cybersecurity

SRO says "a key element in any firm's cybersecurity program is a robust authentication process"
The practice is "widely used" by broker-dealers, especially with customers
The government notes that firms that make ransomware payments "to cyber actors ... may risk violating OFAC regulations"
The association asserts that "NO personal information has been compromised”
FINRA cautions B-Ds on fraudulent e-mail purporting to be from SRO asking firms to complete survey
The latest sweep exam letter reveals a growing sophistication in OCIE’s grasp of cybersecurity
Examiners request extensive documents, including P&Ps and due diligence on cloud vendors
Keep an eye out for account takeover schemes and new account fraud
In financial services, the role of protecting firms can’t be compliance’s alone. Senior leaders must feel “a sense of urgency"
The form of cyber-attack employs compromised client login credentials
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