Who Wants Some Additional Ideas About Cybersecurity

A recent Investment News article highlighted issues investments advisors face regarding their cybersecurity programs when it comes to regulatory examinations.

First; don't assume that your insurance policy covers the aftermath of a cyber-event. If you think you have coverage, make sure you document that understanding so that you do not have a shock when it is too late to do anything. A sound policy will cover, among other things, the costs of notifying your customers of a breach and the costs of technical support to close the gap.

Second; be certain that you have detailed written policies and procedures on cybersecurity, including what must be done in the event of a breach. These policies should also detail the known risks – such as working with third parties – and how the firm intends to address them.