Chicago partner James Lundy discussed “Cybersecurity – Adapting to Developments” on April 25, 2018, at the National Regulatory Services (NRS) Spring 2018 Compliance Conference in Savannah, Ga. NRS president John Gebauer joined Jim for the discussion.
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations continues to focus on cybersecurity as an issue of great importance. As industry technology evolves, cybercriminals do as well, counting on financial entities to be unprepared for potential attacks.
The discussion examined the methods cybercriminals are using, including voice manipulation, social engineering, and algorithms, and the ways financial firms can protect their data and clients from security breaches. Jim and John also evaluated what measures regulators expect firms to have in place to combat cyberbreaches and provided an overview of useful tools such as testing, procedures, training and technology. They also examined specific cybersecurity enforcement actions and survey how firms have responded to data breaches.