FINRA Warns Firms on New Cybersecurity Threats

FINRA recommended that firms consider promoting end-user awareness in response to recent cyber incidents attributed to specific threat actors.

In a Cybersecurity Alert, FINRA highlighted a November 16, 2023 joint Cybersecurity and Infrastructure Security Agency ("CISA") and Federal Bureau of Investigation ("FBI") Cybersecurity Advisory which reviewed the latest ransomware risks and identified prominent financially-motivated threat actors. In light of the Advisory, FINRA recommended that firms consider: (i) communicating with employees regarding the threat, (ii) emphasizing the importance of employee vigilance and (iii) ensuring that employees understand the risks of non-compliance. FINRA also recommended that firms patch Microsoft Exchange servers and monitor for leaked employee credentials.