A crackdown is coming on firms with lax cybersecurity

October 16, 2015

Priya Anand

In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses. - See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf
In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses. - See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf

Financial firms that have lax cybersecurity practices can expect a crackdown from regulators, the head of the Securities and Exchange Commission’s enforcement unit said Friday.

“If firms don’t have appropriate policies and procedures in place, that could be a [regulation S-P] violation,” the director of the SEC’s Division of Enforcement, Andrew Ceresney said, referring to a rule that requires financial institutions to protect customer information.

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The warning from the regulator five months after the SEC released results from a cybersecurity survey of 57 registered broker-dealers and 49 investment advisers, which sought to gauge whether firms are prepared against cyber criminals and what risks they may face. It found that 88% of broker-dealers and 74% of advisers have experienced cyber attacks, either directly or through a vendor. The Financial Industry Regulatory Authority, Wall Street’s self-regulator, conducted a similar survey, and both have since issued guidance as to how firms should best handle growing cyber threats.

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SBA Unveils Small Business Cybersecurity Tools
Credit: Mark Van Scyoc

In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses.

In the wake of high-profile data breaches, many businesses are eager to implement a more robust cybersecurity strategy. The SBA's cybersecurity page, launched earlier this month during the "Cybersecurity at Work" week, offers advice and tools for small business owners who are seeking to better protect both their own data and their customers' data. In 2013, 44 percent of the 800 small business owners surveyed reported having experienced a cyberattack that resulted in an average cost of nearly $9,000, according to a report by the National Small Business Association.

"Cybersecurity is one of our nation's most pressing national security priorities, and America's 28 million small businesses, which create two out of every three new jobs in the U.S., are especially at risk," SBA Administrator Maria Contreras-Sweet said in a statement announcing the Web page. "Small employers are quickly becoming a larger target for criminals looking to access sensitive data because small businesses typically have limited resources for information systems security. In an effort to combat cyberattacks against small businesses, the SBA's online tools will help employers identify information security vulnerabilities that put their companies at risk."

- See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf
In honor of October's designation as National Cybersecurity Awareness Month, the U.S. Small Business Administration (SBA) has unveiled a new Web page dedicated to promoting cybersecurity for small businesses. - See more at: http://www.businessnewsdaily.com/8491-sba-unveils-small-business-cybersecurity-tools.html#sthash.HVndjn45.dpuf