CyberSecurity for Financial Services
Robust tailored cybersecurity for Financial Services to the stringent standards in Kansas City.
Ensuring Cybersecurity for Financial services in today's digital landscape.
The financial services sector handles some of the most sensitive information, requiring top-notch cybersecurity. Onsite Logic’s Cybersecurity for Financial Services program aligns with the rigorous standards set by the SEC and the FTC’s Safeguards Rule, ensuring you remain compliant and secure.
Integrating Holistic Cybersecurity Standards
with the SEC and FTC Guidelines
The Securities and Exchange Commission (SEC) and the Federal Trade Commission’s Safeguards Rule emphasize the critical nature of cybersecurity for financial institutions and services.
Considering the recent directive by Paul Munter, Chief Accountant at the SEC, there is a renewed emphasis on the importance of a comprehensive risk assessment approach that looks beyond isolated incidents and incorporates broader entity-level issues impacting financial reporting and internal controls (specifically including items such as a data breach in a system not part of internal control over financial reporting).
At Onsite Logic, we champion these principles, ensuring that sensitive financial data remains in trusted hands, supported by a robust infrastructure that addresses both the minute details and the broader spectrum of risks.
SEC Cybersecurity Guidance
Holistic Risk Assessment: In alignment with the recent SEC directive, financial institutions must adopt a holistic approach to assess both specific and entity-level risks. This includes evaluating potential vulnerabilities and risks not just individually, but in the aggregate, to determine their combined impact on financial reporting and internal controls.
Risk Assessment: Financial institutions must regularly assess the nature of the information they collect and hold, and the cybersecurity risks they face. This includes understanding potential vulnerabilities in their systems.
Policies and Procedures: Institutions should develop and implement written policies and procedures that provide a framework for ensuring a robust cybersecurity infrastructure. This should be tailored to the institution's size and complexity.
Strategy: It's essential to have a strategy in place to prevent, detect, and respond to cybersecurity threats, including incident response plans and recovery protocols.
Access Rights and Controls:Financial institutions must limit access to sensitive data and regularly review access rights, ensuring that only necessary personnel can access critical data.
Vendor Management: Institutions are responsible for ensuring third-party vendors with access to their data have robust cybersecurity protections in place.
FTC Safeguards Rule
Information Security Program: Financial institutions must design and implement a comprehensive information security program that includes administrative, technical, and physical safeguards.
Risk Assessment: Identify and assess risks in each relevant area of operation, and design measures to address these risks. Regularly test and monitor these measures.
Employee Training and Management: All employees should receive training upon hiring and periodically afterward about security program procedures and policies. Any employee with access to customer information should also be subject to background checks.
Information Systems: Including network and software design, as well as information processing, storage, transmission, and disposal, should be designed with cybersecurity in mind. This also includes managing systems to detect, prevent, and respond to attacks, intrusions, or other system vulnerabilities.
Overseeing Service Providers: It’s essential to take steps to select and retain service providers capable of maintaining appropriate safeguards for customer information. Contracts should obligate providers to implement and maintain such safeguards.
Aligning with Regulatory Expectations
Navigating the regulatory landscape of financial services can be challenging. CyberSecure simplifies this journey by addressing each requirement set by regulatory bodies. We offer a comprehensive solution that ensures you’re not just compliant but also protected against evolving threats.
Security Operations & Threat Management- FINRA Rule 3110: Firms must establish written supervisory procedures for electronic communications to detect and prevent potential cybersecurity threats.
- FINRA Rule 4511: Firms must make and preserve records of electronic communications as required under the FINRA rules.
- SEC Regulation SCI: Certain market participants must establish written policies and procedures to ensure the security and reliability of their automated systems, including measures to protect against unauthorized access and other security breaches.
IT Infrastructure Management- SEC Rule 240.17a-4(f): Broker-dealers must maintain records in a format and manner that ensures their accuracy, reliability, and accessibility.
BCDR- FINRA Rule 4370: Firms must establish and maintain a business continuity plan to ensure that critical business functions can continue in the event of a significant business disruption, including cybersecurity incidents.
- SEC Regulation S-P: Covered entities must adopt written policies and procedures to safeguard the privacy of customer information, including non-public personal information, in the event of a disaster or other business continuity issue.
Compliance & Risk Management- FINRA Rule 3110: Firms must establish and maintain a supervisory system, including written supervisory procedures, that is reasonably designed to achieve compliance with applicable securities laws and regulations and FINRA rules, and that addresses the supervision of all business activities of the firm.
- FINRA Rule 3120: Firms must establish, maintain, and enforce written supervisory procedures to supervise the types of business in which they engage and the activities of their associated persons that are reasonably designed to achieve compliance with applicable securities laws and regulations and FINRA rules.
- SEC Rule 240.17a-4(f): Broker-dealers must make and keep records, including electronic records, that accurately reflect their compliance with applicable laws and regulations, including cybersecurity-related regulations.
- SEC Regulation S-P: Covered entities must adopt written policies and procedures to safeguard the privacy of customer information, including non-public personal information, and to comply with applicable privacy and data protection regulations.
- SEC Regulation S-ID: Covered entities must develop and implement identity theft prevention programs to detect, prevent, and mitigate identity theft.
Credentialing & Passwords.- SEC Regulation S-P: Covered entities must adopt written policies and procedures to safeguard the privacy of customer information, including non-public personal information, including measures to protect against unauthorized access to customer accounts.
- SEC Rule 248.1-100: Covered entities must establish and maintain administrative, technical, and physical safeguards to protect sensitive customer information.
Employee Training & Awareness- FINRA Rule 3110: Firms must establish written supervisory procedures for electronic communications, including training to employees on how to detect and prevent potential cybersecurity threats.
- SEC Regulation S-P: Covered entities must provide privacy and data security training to employees, and must ensure that employees understand their obligations under applicable privacy and data protection regulations.
- SEC Regulation S-ID: Covered entities must provide training to employees on how to detect and prevent identity theft.
The Choice of Financial Leaders
Hear from leading financial professionals and institutions that have fortified their cybersecurity with CyberSecure.
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The Ideal Cybersecurity for Financial Services
Understanding the intricacies of cybersecurity for financial services is essential. Here are some critical resources on the guidelines
from the SEC and the FTC’s Safeguards Rule:
Enhance cybersecurity for financial services – make it a top priority.
Stay ahead of potential threats and regulatory changes. Align with best practices and fortify your institution's digital assets.
Exclusive Offer for Financial Services: Qualify for a 74% discount on our Annual Cybersecurity Assessment
Review – a comprehensive report tailored to financial institutions. (see information for CyberSecure for Unions)
