The financial advice sector may be a step ahead of the SEC when it comes to cybersecurity. However, a rule proposal raises the compliance stakes and could pose challenges for small advisers, reported InvestmentNews.
Foreside’s Craig Moreshead communicated that “It will be difficult to meet that quick turnaround time, especially for small to midsize firms that don’t have an in-house IT department.”
It will be essential for The Commission to add more specifics to help firms figure out if an incident is significant or not. If a cybersecurity rule is passed, firms should begin discussing how they will allocate more resources to compliance. Click here to read the full article.