FINRA Intensifies Cybersecurity—Guidance for Broker-Dealers

During the past year, financial institutions of all kinds have experienced repercussions from cybersecurity gaps. The alarming truth is that many broker-dealers have failed to stay up to date with cybersecurity controls and must swiftly get in compliance with all computer-related rules that the Financial Industry Regulatory Authority (FINRA) enforces or risk disciplinary action. Since FINRA operates in coordination with the Securities and Exchange Commission, as well as other federal agencies that are concerned about cybersecurity, it is crucial to prepare for a regulatory deep-dive as computer-based threats grow in importance.