The Securities and Exchange Commission's (SEC's) exam divisionis warning financial services businesses to immediately reviewtheir cybersecurity controls, as phishing and ransomware attacksare on the rise.
|In a just-released risk alert, the agency's Office of ComplianceInspections and Examinations (OCIE) warns that while recent reportsindicate that one or more threat actors have used phishing andransomware measures to penetrate financial institution networks,OCIE "has observed ransomware attacks impacting service providersto registrants."
|OCIE urged SEC registrants and other financial services marketparticipants to monitor the cybersecurity alerts published by theDepartment of Homeland Security's Cybersecurity and InfrastructureSecurity Agency (CISA), including the updated alert published on June 30 relating to recent ransomwareattacks.
|OCIE encouraged registrants to share the updated CISA guidancewith their third-party service providers, particularly with thosethat maintain client assets and records for registrants.
|While the CISA alert highlights key mitigation strategies toreduce overall vulnerability, OCIE notes that because there's no"one size fits all" approach, OCIE provides its own observations toassist market participants on ways to enhance cybersecuritypreparedness and operational resiliency.
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See also:
- Arming Corporate Treasurers for CybercrimeCombat
- Partners in Cybercrime Fighting
- Managing Risk in the Cloud: A Guide for CorporateTreasurers
- Who's Legally Liable for a Risk ManagementFailure?
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From: ThinkAdvisor
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