In March 2019 the SEC Office of Compliance, Inspections and Examinations (OCIE) announced it would soon commence its annual “Cybersecurity Sweep” (Cyber Sweep) of registered investment advisers and broker-dealers. If these entities were not already focused on cybersecurity, OCIE’s announcement should assure registrants that cybersecurity is not a single frame of a movie, but a feature film with heroes and villains, daily plot twists (like malware) and turns (like spear-phishing). The reality of daily breaches/hacks combined with the watchful eye of the SEC and other regulatory and enforcement bodies should also re-energize registrants to dedicate resources to protect their customers from cyber threats.
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