In December 2017, the Financial Industry Regulatory Authority (“FINRA”) released a report (available here) identifying and discussing observations from recent examinations of broker-dealer members—including observations related to cybersecurity. FINRA recognizes that “[c]ybersecurity is one of the principal operational risks facing broker-dealers.” The most common threats FINRA observed in 2016 and 2017 included phishing and spearphishing attacks, ransomware attacks, and fraudulent third-party wires involving email or stolen customer or financial advisor credentials.
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