Obviously, given the name of this blog, the focus is on broker-dealers, but we also have a robust practice advising RIAs and investment management companies. In that vein, a group of attorneys working in our Cleveland office published a Client Alert today that discusses a recent Investment Management Guidance Update published by the SEC.
The Alert begins by saying:
On April 28, 2015, the SEC Division of Investment Management issued an Investment Management Guidance Update identifying cybersecurity as an important concern for investment companies and registered advisers. To prevent, detect, and respond to cybersecurity threats, the SEC recommends that these entities conduct periodic risk assessments, design a cybersecurity strategy intended to prevent, detect, and respond to threats, and implement that strategy.
The rest of the Alert can be read here.