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ARTICLE · 25 MAY 2017

SEC Underscores Cybersecurity Risks And Mitigation Requirements

Brown Rudnick LLP
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In the wake of the global impact from the spread of the WannaCry ransomware, the Securities and Exchange Commission has alerted public companies and the financial sector regarding heightened cybersecurity...

United StatesTechnology
Jeremy Bohrer
Jeremy Bohrer
Guillermo Christensen
Guillermo Christensen
Anupreet Amole
Anupreet Amole

In the wake of the global impact from the spread of the WannaCry ransomware, the Securities and Exchange Commission (the SEC) has alerted public companies and the financial sector regarding heightened cybersecurity risks. The SEC's alert reminds regulated firms of the importance of updating their information systems and their associated security measures, and of the need to test and mitigate vulnerabilities of those systems.

Cybersecurity is not a new concern for the SEC. That authority, specifically the Office of Compliance Inspections and Examinations (the OCIE), has been reviewing cybersecurity measures at regulated firms for several years now, including within its annual Examination Priorities. In 2015, the OCIE launched a specific cybersecurity examination initiative, which reviewed the relevant technical and legal and compliance measures at 75 registered broker-dealers, investment advisers, and investment funds. More generally, the SEC has messaged on several

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