SEC Warns Firms To Beef Up Security After Cyberattacks

Law360, New York (May 17, 2017, 5:00 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday urged broker-dealers, investment advisers and investment companies to make sure they’re conducting vulnerability scans and implementing timely system upgrades in light of the massive cyberattack that swept across more than 100 countries.

The Office of Compliance Inspections and Examinations issued a risk alert explaining that it recently examined 75 SEC registered firms to assess cybersecurity preparedness and observed lacking practices that are particularly worrisome after the ransomware attacks that began Friday.

Nearly all of the advisers and funds examined had a process in place to ensure regular system maintenance, but more than a quarter...

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