On September 27, 2022, the SEC issued a press release stating that it had issued 16 Wall Street firms with combined fines totaling more than $1.1bn. Yes, that’s correct: $1.1 billion dollars!
Basically, the SEC said that these firms were not properly maintaining and preserving electronic communications. In all, they fined 15 broker-dealers and one affiliated investment adviser for “widespread and longstanding failures by the firms and their employees.”
This could be just the beginning, however. Click ‘Read More’ below for further thoughts – and some recommendations on best practices in electronic communications management.
In early June, Microsoft experienced a Distributed Denial of Service (DDoS) attack. ‘Storm-1359’ – Microsoft’s name for the threat actor – launched several types of layer 7 attacks, including https(s) flood, cache bypass, and slowloris.
Fortunately, Microsoft says that they have seen ‘no evidence that customer data has been accessed or compromised’. However, there are still risks, for which the asset and wealth management industry will need to take heed.
Click ‘read more’ below for our thoughts on why it’s important not to overlook large vendor risk.
Amazon recently announced that they are entering the cybersecurity insurance market, a move which could be game-changing for this corner of the insurance industry.
If you were not aware, cyber insurance has suddenly become difficult to obtain, extremely expensive, and severely sublimated for the most critical risks that asset managers face – namely, wire fraud. Yet Amazon will provide a quote in just two days.
Click ‘read more’ below for further thoughts on this significant development.
Upcoming Events
BW Cyber Founder Michael Brice is scheduled to speak at the following upcoming industry events: On Wednesday, July 26th, he’ll be at the SVB PE CFO Summit West/Central in Dana Point, CA, and on October 18th and 19th, he’ll be in New York for AltsOps 2023, which BW Cyber is also sponsoring.
Click the links below for more information on these events.
SVB PE CFO Summit West/Central 2023
AltsOps 2023 Day 1 – Private Markets
AltsOps 2023 Day 2 – Hedge Funds
