Early last month, the SEC convened a meeting of its newly formed Cybersecurity Roundtable. In the wake of pressing cybersecurity threats from the Heartbleed bug and hackers who recently attacked corporate giants such as Target, federal regulators appear to be ramping up cybersecurity protection and defenses. The SEC’s Cybersecurity Roundtable meeting was aimed at addressing cybersecurity threats posed to financial institutions. Representative from the Treasury Department and Department of Commerce also attended the meeting.
Off the back of the meeting, the SEC issued a “Risk Alert” to announce a new campaign to augment cybersecurity protections in the securities industry. As part of the initiative, the SEC’s Office of Compliance Inspections and Examinations (OCIE) will conduct 50 examinations of broker-dealers and investment advisers. Similar and/or additional efforts from other federal regulators is to be expected given the current public, media and administrative focus on cybersecurity.
SEC press release announcing Cybersecurity Roundtable meeting – http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541253749