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ComplySci stats: 40% of compliance professionals say they would invest more into cybersecurity solutions given the chance

Cybersecurity becomes a bigger topic of concern as the financial landscape becomes increasingly digital. After all, if left unchecked, cybersecurity risk can have devastating consequences for your firm.

Protecting your firm

During a recent webinar, we gave attention to what factors firms shouldn’t miss when changing compliance technology providers.

When we asked attendees what area of their compliance program they would invest in more heavily. The answers trended sharply toward cybersecurity awareness:

  • Cybersecurity solutions – 40%
  • Cryptocurrency – 3%
  • Employee training – 24%
  • Mock exam services and compliance consulting – 9%
  • Electronic communication surveillance – 7%
  • Pay-to-play monitoring – 4%
  • Other – 17%

Securities and Exchanges Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have stressed the importance of cybersecurity recently. At the core of these regulations is a need for firms to more proactively safeguard client’s data and information, despite the fluctuation in work environment and extraneous external factors.

All of which begs the question, what can you do to adhere to these regulations and protect your firm from cybersecurity risk?

  1. Implement written policies and procedures that are reasonably designed to address cybersecurity risks.
  2. Provide ongoing training for all staff members about how to best protect the firm from cybersecurity risk.
  3. Determine a method of reporting cybersecurity incidents.
  4. Maintain cybersecurity-related records.
  5. Thoroughly screen third-party vendors to ensure they meet your cyber protocols and standards.

Today’s digital landscape presents cybersecurity risks which could be devastating to your firm.

At ComplySci, we have developed cybersecurity compliance services and solutions to help you mitigate your cybersecurity risks. We ensure third-party vendors are thoroughly screened and meet your level of cybersecurity safeguards. The ComplySci Platform also streamlines processes and offers a holistic view into the risk of noncompliance. This allows you to catch and address potential security risks.

Ensuring your firm is equipped to mitigate and react to potential challenges and threats is key to safeguarding your firm’s data.

Ready to see how we can help you mitigate risk and achieve compliance success? Schedule a demo today!