With the inevitable tightening of RIAs’ cybersecurity requirements, it’s important to know what’s needed and find a service that meets the needs of your business.
Is your Cybersecurity service meeting all of your business's needs?
On February 9, 2022, the SEC voted, 3:1, to propose rules expanding cybersecurity and risk-management requirements, including a mandate that RIAs implement a formal cybersecurity program.
On May 3, 2022, the SEC announced that it will allocate an additional 20 positions to its Crypto Assets and Cyber Unit in the Division of Enforcement, bringing the total number of dedicated positions to 50.
Cybersecurity programs must be compliant with regulatory requirements. They also need to reflect the size of the business and the manner in which it conducts itself. Most important, a cybersecurity program must actually protect what needs to be protected — your business and your clients.
A well-designed cybersecurity program consists of five pillars:
About AdvisorLaw’s CyberProtection
Our service was designed to ensure that your RIA has the appropriate protections in place, that you and your staff have a clear understanding of what’s required, and that you can maintain adequate records to demonstrate your compliance in safeguarding the information entrusted to you.
Our goal is to make the cybersecurity process as easy and straightforward as possible. While the technology we use is complex, we’ve personalized the process to ensure that one of our security coordinators will be working with you, throughout it.
We begin by conducting a comparison of your existing cybersecurity policies to your current technology and staffing footprint. While these should be aligned, we find that they often are not. Policies really are the blueprint for your cybersecurity program — any flaws in the blueprint get carried over to the program.
Contact us today for a complimentary consultation!