Cyber Defenses are essential in stopping attacks

The Securities and Exchange Commission (SEC) made it clear that prevention is their main goal in their cyber security enforcement agenda this year, according to an article on the Financial Times. Recently RT Jones, a small regional investment agency experienced a cyber attack by China and had 100,000 of their clients’ information stolen. This was upsetting to the SEC because they had just openly stated that investment advisers and broker-dealers must get their cyber defenses in order to prevent hackers.

The SEC had established a list of grievances against RT Jones about the failure to implement cyber defenses. It has been a long time coming for the SEC to finally crack down on companies. The SEC is certain that preventative measures are the best way to decrease the alarming amount of cyber attacks on the financial service industry. Now if a company experiences a cyber attack, they may face a dilemma with the SEC as well.

Read more on the article here.


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