Financial Services

Financial services organisations are entrusted with incredibly sensitive customer data and as a result, they allocate significant resources to maintain the trust of their customers. Despite their best efforts, financial services firms continue to be victims of data breaches. We’ve seen the headlines, such as the recent breach at Lloyds, proving that no industry is immune to data breaches. As the protectors of our most sensitive information, financial services...

The Securities and Exchange Commission (SEC) recently announced the settlement of charges with investment advisor R.T. Jones for failing to adopt cybersecurity policies and procedures prior to its data breach. This is the SEC’s first cybersecurity enforcement action related to the failure to protect client data and clearly states the SEC’s focus on preparedness.

The Securities and Exchange Commission (SEC) has been making cybersecurity a priority in 2015. In February, the SEC released observations of its first round of cybersecurity examinations of broker-dealers and advisors, which assessed cybersecurity preparedness. The SEC has just announced its second round of examinations, which promises to focus on the assessment of how well procedures and controls have been implemented. The second round of examinations will focus on:

There was a 49% increase in data breaches in 2014, with more than a billion records stolen or compromised. In the financial sector, data breaches increased substantially, affecting 1.1 million records in 2014. These incidents have brought the spotlight to data regulations, with many regulatory bodies stepping up with new enforcements, and new laws such as the EU General Data Protection Regulation (GDPR) on the horizon. These regulations require...

The Ponemon Institute recently completed a study, sponsored by Arbor Networks, which looks at Advanced Threats in Financial Services and Retail and how these sectors are responding to advanced threats and denial of service attacks (DDoS). According to the findings, financial services companies have a stronger security posture - able to detect and contain threats more quickly than in the retail sector - but that both sectors are struggling...