The SEC continues to ramp up its exam and enforcement focus on cybersecurity, focusing on cyber breach response procedures and protection of client information.
Two SEC-registered investment advisers, four dual registrants, and two broker-dealers have paid a total of $750,000 to settle charges involving cybersecurity failures that resulted in cloud-based email accounts being taken over by unauthorized third parties.
The SEC’s Enforcement staff is conducting an investigation related to the widely publicized December 2020 SolarWinds cyberattack. As part of this investigation, beginning on June 17, the staff sent letters to regulated entities it believed may have been victims of the cyberattack, including public and private companies, investment advisers, broker-dealers, transfer agents, clearing agencies, and exchanges.
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