eSentire has launched a new service to prepare registered broker-dealers and registered investment advisors for pending U.S. Securities and Exchange Commission (SEC) examinations specific to cybersecurity.
The new offering codifies the readiness process, empowering U.S. fund managers and compliance professionals with the education, tools and guidance to help prepare for and address the preparatory 28 questions released by the SEC’s Office of Compliance Inspections and Examinations (OCIE).
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The questions are specific to: network access control, risk identification, cybersecurity governance, information and network protection, remote customer access, fund transfer requests, vendors and other third parties, and the detection of unauthorized activity.
Protecting over $1.3 trillion in combined AuM, eSentire is the leading security service provider to Registered Investment Advisors firms (RIAs) and asset management funds. In total, eSentire secures approximately 350 RIAs of which 90 percent are domiciled in the United States.
"Of the hundreds of security assessments conducted in the last three years, we found each had a critical or high security vulnerability that required immediate remediation," said eSentire CEO J. Paul Haynes. "We remain the go-to-source for fund managers who want to be armed and ready to achieve an exceptional level of cybersecurity protection and compliance against an always-escalating risk posture."
In 2013, eSentire introduced its Incident Response framework to assist RIAs in escalating and communicating to stakeholders in similar fashion to the way Business Continuity Plans (BCP) have been developed.
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By GlobalDataIn April 2014, eSentire teamed with The Regulatory Fundamentals Group LLC in publishing a whitepaper titled The Inevitable Cyber Attack, to help fund managers understand why SEC Commissioner Luis Aguilar concluded recently that a cyber-attack will inevitably bring down significant market infrastructure and how to assess their level of preparation.
"Cybersecurity is no longer simply an IT matter," says Deborah Prutzman, CEO of The Regulatory Fundamentals Group, "Governing bodies and senior management will be judged by regulators, investors and key counterparties on the efficacy of their programs — from planning through execution."
