SEC Cybersecurity Actions Against Registered Firms for Business Email Compromises Emphasize Importance of MFA | BakerHostetler
On August 30, 2021, the Securities and Exchange Commission (“SEC”) announced three settled orders against several investment advisers, broker-dealers, and dual registrants for violations of Regulation S-P allegedly resulting from business email compromises that each exposed or potentially exposed the personal information of thousands of customers.[1] These enforcement actions underscore the following lessons for broker-dealers…