Webinar: RegMaven Cyber Security: Threat, Identification, Prevention

January 13, 2016 @ 4:00 pm – 5:00 pm

Why and How to not only satisfy Regulatory Exam, but more importantly, ensure client and firm safety.
Presenters: RegMaven – Compliance and Regulatory Expertise for the RIA industry, as well as Commonwealth of Massachusetts CISO

Cyber Risk…Threat or Reality
The question isn’t have your systems been breached, the question is how often and are your procedures in place and employees adequately trained to identify and respond. Some say there are only two types of companies when it comes to Cyber Security, those that do not know their systems have been breached and those who do. Cyber-attacks are focused on all firms regardless of size or industry. Two out of three service providers to the CIA have been breached themselves. How would you rank your cyber security process: detection, prevention, and elimination?

Cyber security is the number one risk among a majority of firm CEOs and CIOs polled. This is especially true in the financial services industry. From an RIA perspective small to mid-sized firms are targeted by cyber-attacks just as frequently as large firms. However, from a comparative standpoint the RIA industry is well below the B/D space as to those actually performing cyber security. Small to mid-sized RIAs lag even further still in not being proactive and preventative in cyber security, but the risks and liability are just as high (and potentially higher). Only 13% of RIAs know who were, or would be responsible, in the event of a cyber-attack. Only 9% of those had any sort of loss coverage/guarantee for clients. Well under 5% had any insurance related to cyber threats (and it is available).

A high percentage of cyber-attacks are enabled by employees or internally accessed persons: most inadvertently, some intentionally. Cyber Security threats may not be able to be eliminated, but they can be identified and retained. Further, don’t be fooled by the fact you outsource your technologies, you are still liable as well

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