Cybersecurity: Trust, But Verify by Jordan M. Roberts, Black Cypress Capital
The Problem of Cybersecurity
As the use of technology in the investment industry increases, so too do the opportunities for criminals to take advantage of that technology. In 2014, the FBI’s Internet Crime Complaint Center received 269,422 complaints with an adjusted dollar loss of $800,492,073. Because they often hold large amounts of assets, financial institutions can be attractive targets for cyber criminals. In 2015, the Securities and Exchange Commission (SEC) charged a St. Louis-based investment adviser with failure to establish cybersecurity policies and procedures in advance of a breach that compromised the confidential information of thousands of its clients.
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