Financial advisors have more work to do when it comes to protecting their systems from hackers, InvestmentNews reports, citing cybersecurity examination results released this week by the SEC.
“In general, the staff observed increased cybersecurity preparedness since our 2014 Cybersecurity Initiative. However, the staff also observed areas where compliance and oversight could be improved,” the SEC noted in its exam risk alert bulletin.
Advisory firms should more closely adhere to their stated cybersecurity policies, keep current on security patches and correct all vulnerabilities detected, the SEC noted. These observations stem from examinations of 75 firms, including broker-dealers, investment advisers and funds conducted from September 2015 through June 2016.