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SEC Charges First American Financial Corporation With Cybersecurity Disclosure Controls Failures

On June 15, 2021 “The Securities and Exchange Commission (“SEC”) announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information.” On May 24, 2019, Brian Krebs notified First American Financial Corporation of a vulnerability with its

2021-06-15T12:53:23-04:00June 15th, 2021|Cyber, OCIE, Privacy, Regulatory, SEC, Vulnerability, Vulnerability Disclosure|

2021 SEC OCIE Cybersecurity Exam Priorities

Yesterday the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) released its 2021 exam priorities. In the letter the SEC highlighted that their focus remains the same from prior years with a slight shift in priorities and adjustment of focus. The SEC stated that they will review whether firms have

CFTC issues an alert about potential Microsoft Azure and Office 365 compromise resulting from SolarWinds breach

On January 13, 2021, the Market Participant Division (MPD) of the CFTC sent an email to registrants informing them about an alert that was issued by the DHS Cybersecurity and Infrastructure Security Agency (CISA). In the alert CISA highlighted post compromise activity related to the SolarWinds Breach. More specifically, the alert highlighted that threat actors

2021-01-13T23:46:20-05:00January 13th, 2021|CFTC, Ransomware Attack, SEC|

Cayman Islands Investment firm exposes sensitive client information!

A Cayman Islands investment firm's backups stored in a Microsoft Azure Blob Storage was not secured properly thus resulting in a potential leak of personal banking information, individual passport data, and other sensitive information. A researcher discovered the gaping hole left open by the firm’s Hong Kong based IT provider via a special search engine

OCIE issues a new alert: “Credential Stuffing”

Yesterday The Office and Compliance Inspections and Examinations ("OCIE") issued an alert about safeguarding client accounts against credential compromise that highlighted the issue of "credential stuffing attacks". Credential stuffing is a type of cyber attack where many compromised user credentials are tried against systems to gain unauthorized access, using automated means. Over the past few

2020-12-31T18:42:56-05:00September 16th, 2020|BEC, Business Email Compromise, Cyber, Hackers, Hedge Fund, OCIE, Password, Phishing, Private Equity, RIA, SEC|

OCIE issues a new Cybersecurity: Ransomware Alert

Today the OCIE issued a Ransomware Alert, highlighting an uptick in sophisticated social engineering and other cyber campaigns, designed to infiltrate the networks of financial institutions to access sensitive information and/or to deploy ransomware. As a reminder, ransomware actors typically demand monetary payment for the return of data. We can spend time regurgitating what was

Have you considered the work from home risks?

Have you made the decision to allow employees to work from home or are you still contemplating the idea? If work from home is or will be the preferred method for the unforeseeable future, there are some things you should do to maintain your compliance and security posture. Here are some risks you should be

The SEC’s OCIE Releases Their Observations From Examinations

On January 27, 2020 the Securities and Exchange Commission Commission's Office of Compliance Inspections and Examinations issued examination observations related to cybersecurity and operational resiliency practices undertaken by market participants. We reviewed this alert and simplified it into major points that are easily digestible. The OCIE provided the following observations: Governance and Risk Management Senior leadership is

2020-12-31T18:43:45-05:00January 30th, 2020|Cyber, Regulatory, SEC|

CFTC issues alerts and expects responses!

In December 2019, the U.S. government issued indictments against two hackers who were allegedly involved in a multiyear effort to penetrate the systems of several IT Vendors and Managed Services Providers (MSPs). The attack known today as the “Cloud Hopper Mega Hack” was first noticed in 2016, as indicated by the Wall Street Journal. Preview

2020-12-31T18:43:52-05:00January 9th, 2020|CFTC, Cyber, OCIE, Regulatory, SEC|
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