SEC, FINRA and the U.S. Senate Prepare for Cyberattacks in 2015

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Two major government agencies have issued reports addressing security of brokerage and advisory firms, and two U.S. Senators have declared their intention to expand cyber-security laws into automobiles.  In February, the SEC released two major publications (here and here) regarding risks for brokerage and advisory firms, as well as adjusters.  The Financial Industry Regulation Authority (FINRA), a private corporation managed by financial industry insiders and billed as the self-appointed “regulator” for NYSE and NASDAQ, has issued a report to assist broker-dealer firms with protecting against a cyber attack.  And, U.S. Senators Markey and Blumenthal declared their intention to introduce legislation to require manufacturers of “smart cars,” which, like smart phones, are connected to the internet, to comply with additional government regulations to protect consumers, following Senator Markey’s report titled “Tracking & Hacking: Security & Privacy Gaps Put American Drivers at Risk.”

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