Third-Party Cyber Risk Likely to Stay a Focus for Trump’s SEC
The agency under the Trump administration is expected to focus on cybersecurity controls in its examinations at a time when cyberattacks are considered one of the top threats to financial services firms.
STP’s Lori Weston, Head of Compliance, said, “Cybersecurity has been a regulatory concern for over a decade, and now we’ve got that emerging issue of artificial intelligence. At the end of the day, it’s still the advisor that’s responsible for protecting their firm and client data. So, politics aside, with the proliferation of methods that cyber criminals use to access data, firms should expect that they and their vendors will experience a breach at some point. It’s a question of when, not if.”
STP’s ComplianceAdvisor can help firms stay ahead of cybersecurity concerns, determine whether or not they have adequate controls in place and outline any risks associated with third-party vendors and service providers.
Read her full comments here.
