SIFMA Issues Statement Regarding Joint Conference on Cybersecurity

SIFMA issued a statement that summarized the recent joint conference held by SIFMA and FINRA regarding cybersecurity issues for brokerage and advisory firms.

The joint conference focused on cybersecurity issues and regulatory perspectives. Practice Leader of Cyber and Technology Risk Management for PricewaterhouseCoopers LLP Stephen Russell outlined six actionable steps that firms should take to achieve cyber resiliency:

• establish cyber risk governance and oversight;
• understand the cyber organizational boundary;
• identify critical business processes and related assets;
• identify, assess and manage cyber-business risks;
• improve collection, analysis and reporting of cyber-related data; and
• plan and respond through the development of playbooks, information analysis and the use of relevant cybersecurity technology.

See: SIFMA Press Release.See also: FINRA Report on Cybersecurity Practices; FINRA Investor Alert: Cybersecurity and Your Brokerage Firm; SEC Risk Alert - Cybersecurity; SEC Investor Bulletin - Cybersecurity.Related news: SEC and FINRA Issue Cybersecurity Publications (with Delta Strategy Group Summary) (February 3, 2015); President and CEO of the Federal Reserve Bank of Boston Discusses Cybersecurity and Cyber Threats (January 30, 2015); Mercatus Scholars Study Relationship between Cybersecurity Breaches and Federal Cybersecurity Spending (January 20, 2015).