Friday; February 7, 2020

Workplace Cybersecurity Newscast

A Security News Roundup for Financial Advisors 

Cyberattacks against endpoints rising, reaching $9mil per attack in 2019
Tech Republic: On average, the cost of a successful attack rose to $8.9 million in 2019, up from $7.1 million in 2018 and $5 million in 2017. The costs of system downtime have declined over the past few years, but the costs due to the loss of IT and end-user productivity as well as the theft of data have risen.

 

SEC’s Top 10 Hits: Investment Adviser Regulatory Review 2019
JDSupras: On January 27, 2020, OCIE issued a report detailing cybersecurity and resiliency observations the staff made after "thousands of examinations of broker-dealers, investment advisers, clearing agencies, national securities exchanges, and other SEC registrants." The report offers a snapshot of current market practices in seven key areas.

 

Report: Inside cybersecurity remediation cost organizations $11.45million
MITechNews: Organizations spent $11.45 million annually on Insider cybersecurity threat remediation that took 77 days to contain, a new report contends. Proofpoint, a leading cybersecurity and compliance company, today released its Cost of Insider Threats 2020 Global Report. The report, commissioned with The Ponemon Institute and co-sponsored by IBM, surveyed nearly 1,000 IT and IT security practitioners across North America, Europe, Middle East, Africa, and Asia-Pacific.

 

New York cybersecurity upgrades: Are you ready?
Lexology: As This spring, New York’s cybersecurity landscape shifts dramatically as certain provisions of New York’s Stop Hacks and Improve Electronic Data Security Act (“SHIELD Act”) take effect. The SHIELD Act, 2019 N.Y. Ch. 117, which was signed into law by Governor Cuomo on July 25, 2019, modifies existing data breach law to expand the definition of “Private Information” and imposes new substantive cybersecurity requirements.

 

Coordinating efforts for more effective security and compliance
Security Boulevard:
A new report sponsored by Authentic8 highlights some of the challenges that companies in financial services face and illustrates why it is important to coordinate efforts across the organizations to be effective.

 

A cyberattack known as e-skimming is getting more common with the rise of online shoppin
CNBC: During the busy holiday shopping season late last year, firearms maker American Outdoor Brands noticed a problem with one of its websites, which sells mostly hats, shirts and accessories.

 

Cybersecurity Newscast provides top security news and information specific to the financial services industry. Through a variety of primary and secondary news sources, we aggregate relevant news and then determine the best stories to be featured by covering a mix of headline news as well as less reported, yet relevant news stories specific to security and compliance. 

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