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The SEC proposes new Cybersecurity rules

2022-02-09T17:48:34-05:00February 9th, 2022|Cyber, Hedge Fund, Investment Adviser, OCIE, Private Equity, Private Funds, Regulatory, RIA, Rules, SEC, Services, Vulnerability Disclosure|

Earlier today the Securities and Exchange Commission voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. The SEC Chair Gary Genlser stated that the proposed rules and amendments

NYDFS’s first time charging a company for not adhering to their Cybersecurity Regulation Part 500 of Title 23

2022-01-07T18:21:09-05:00January 7th, 2022|Cyber, Hackers, NYDFS, Rules, SEC|

The New York Department of Financial Services ("NYDFS") has charged First American Insurance company with multiple section code violations pertaining to cyber security policies. This is NYDFS's first time charging a company for not adhering to their Cybersecurity Regulation Part 500 of Title 23. The charges held against First American are as follows: Deficient cybersecurity

Safeguards Rule will be updated to better protect consumer financial information from cyber attacks and security breaches

2022-01-07T18:10:50-05:00January 7th, 2022|Breaches, FTC, Hackers, NYDFS, Private Funds, Rules|

In October 2021, the Federal Trade Commission (FTC) stated that it would expand its Safeguards Rule in order to better protect consumer financial information from cyber attacks and security breaches. The revised Rule requirements will take effect on December 9, 2022. This is a significant development for private funds that were previously exempt from the

FINRA Keeps Its Business Continuity Rule Intact

2022-01-07T18:25:58-05:00December 30th, 2021|BCP, Cyber, FINRA|

FINRA Rule 4370 requires firms of all sizes to be prepared for business disruptions by maintaining a business continuity plan. After conducting a "Pandemic Review" of the rule, which included extensive feedback from internal and external stakeholders, FINRA decided to keep the rule as is. A majority of the feedback received indicated that Rule 4370

Apache Log4j 2 Vulnerability

2021-12-13T08:08:37-05:00December 13th, 2021|Apache, Exploit, Hackers, Hedge Fund, Investment Adviser, Reverse Shell, Vulnerability|

You probably heard the news this weekend about the new critical remote code execution vulnerability affecting Apache log4j 2. A remote code execution vulnerability is an attack that can be launched from anywhere in the world, as long as an affected system is available remotely. Why is important? The vulnerability affects millions of devices, including

Next Generation Ransomware Attacks

2021-10-09T06:09:49-04:00October 9th, 2021|Alternative Asset Management, BEC, Business Email Compromise, Cloud, Cyber, Exploit, Hackers, Hedge Fund, Identity Theft, Investment Adviser, Malware, Microsoft, Microsoft Windows 10, Password, Phishing, PII, Privacy, Private Equity, Ransomware Attack, RIA, Vulnerability|

Ransomware, the word alone evokes fear into many companies. How did this form of crime actually start? In 1989, Dr. Joseph L. Popp created the first ransomware called the "AIDS Trojan." This trojan virus encrypted files on a computer after rebooting a number of times. Fast forward to 2006, Archiveus, a computer virus that affected

Critical Apple vulnerability exploited to eavesdrop!

2021-09-14T18:12:31-04:00September 14th, 2021|Apple, Cyber, Exploit, Hackers, Identity Theft, PII, Privacy, Technology, Vulnerability|

Apple has released an emergency security update to address vulnerabilities in iOS and iPadOS for a zero-click zero day exploit that allows the installation of malware on a device. An attacker could exploit these vulnerabilities to take control of an affected device if they are unpatched. "Attacks like the ones described are highly sophisticated, cost

The SEC issues fines for deficient cybersecurity programs!

2021-08-30T18:01:21-04:00August 30th, 2021|Alternative Asset Management, BEC, Business Email Compromise, Cloud, Cyber, Hackers, Hedge Fund, Identity Theft, Investment Adviser, PII, Private Equity, RIA, SEC|

Today the Securities and Exchange Commission (SEC) sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm. A total of $800,000 were levied against these firms. In summary, the firms named in

Critical Print Spooler Vulnerability, Netgear Auth Bypass, and REvil Ransomware

2021-07-02T10:47:03-04:00July 2nd, 2021|Cyber|

PrintNightmare, Vulnerability Affecting Windows Print Spooler Eleven years ago, an escalation of privilege bug in the Windows print spooler services was used in the Stuxnet attack, the notorious worm that destroyed the enrichment centrifuges of an Iranian Nuclear facility. Over the past eleven years, Microsoft's print spooler is still plagued by multiple vulnerabilities. Yesterday, proof-of-concept

SEC Charges First American Financial Corporation With Cybersecurity Disclosure Controls Failures

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

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

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