Several states have now joined the SEC and FINRA’s initiative to assess cybersecurity preparedness and have sent out questionnaires or will be shortly.
These questionnaires contain questions ranging from the very specific to the very broad. Some questions include:
- Does your firm utilize laptop or tablet computers, or other portable electronic devices?
- Is the encryption software installed on all laptop or tablet computers, or other portable electronic devices?
- Identify the encryption software vendor: __________________
- Does your firm utilize antivirus software?
- Identify the antivirus software vendor: ___________________
- Is the antivirus software installed on all fixed workstations and portable electronic devices?
- How often are updates downloaded to the antivirus software?
- Has your firm created and implemented a written information security program?
We believe the states will institute regulations regarding cybersecurity by early next year after assessing the responses to their questionnaires. Click here for a copy of the questionnaire for Massachusetts.
About Red Oak Compliance Solutions
Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.