For many Americans, long gone are the days of writing checks or going to the bank. Some folks might not even remember the last time they bought anything without a credit or debit card. But that electronic convenience comes with a risk—a growing cybersecurity threat from sophisticated criminals, some backed by vast resources.
While individuals take steps to secure their own financial accounts, Americans depend on their financial institutions and other companies to deploy safeguards to protect their personal information. The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently shared observations gathered from examinations in order to help companies and other registrants combat this threat.
Through its examinations and inspections the SEC has a unique insight into innovative programs to improve cybersecurity. And by providing it to the public, all registrants and market participants can evaluate their potential vulnerabilities, better protect their information technology, and respond in the event of an incident.
There isn’t a one-size-fits-all approach when it comes to cybersecurity and new threats will always arise. But every organization can compare its cybersecurity practices with the collective knowledge of industry experts that OCIE has collected.
For more information on how to protect yourself as an individual or an organization, check out the SEC’s spotlight on cybersecurity page.