Analysis

SEC Cyber Actions A 'Wake-Up Call' For Brokers, Advisers

By Al Barbarino (August 31, 2021, 7:57 PM EDT) -- The U.S. Securities and Exchange Commission's latest cybersecurity-related enforcement actions are being seen as a "wake-up call" for broker-dealers and investment advisers who may be cutting corners, showing the agency's exam and enforcement units are now working in full lockstep to protect customers and their data. 

The agency on Monday announced it had hit a group of brokers and advisers with hundreds of thousands of dollars in fines, alleging in three separate orders that the firms had taken inadequate steps to protect customer data.

In the announcement, the chief of the SEC's cyber unit, Kristina Littman, warned brokers and advisers about taking shortcuts...

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