Five Cybersecurity Blind Spots RIAs Keep Failing
Cyber threats don't care how big your firm is — they care how well you're protected. Too many RIAs still fail the same cybersecurity test the SEC keeps giving. Here are the five most common blind spots.
Cyber threats don't care how big your firm is; they care how well you're protected.
And too many RIAs still fail the same cybersecurity test the SEC keeps giving.
Here are the 5 most common blind spots found during audits and exams:
- Shared passwords and personal devices. Shared access equals no accountability.
- Unapproved apps. WhatsApp, Gmail, and text threads equal unarchived client data.
- No vendor vetting. A weak third-party platform can become your compliance failure.
- No incident response plan. Regulators expect written, tested procedures, not improvisation.
- No training. 90% of breaches start with people, not systems.
Cybersecurity isn't an IT project; it's a regulatory obligation. The SEC and state examiners now treat data protection as part of your fiduciary duty.
ICS helps RIAs and broker-dealers audit their cybersecurity programs to ensure they meet SEC, FINRA, and NASAA expectations, before regulators test them.
ICS advises financial institutions navigating regulatory changes of this type. If your firm needs to assess the impact of this development on your compliance program, contact us to discuss.
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ICS Insights provides periodic regulatory commentary for financial institutions. Our analysis focuses on developments that materially affect compliance obligations across the institutions we serve.
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