On March 24, Corporate Counsel published an article written by Marlisse Silver Sweeney covering the Financial Industry Regulatory Authority's new cybersecurity report. Brooks Pierce partner David Smyth was quoted.
From the article:
According to David Smyth of Brooks Pierce, the report is “useful reading for anyone in a complex business that hopes to keep its electronic data secure.”
Some top tips from the FINRA report:
Develop a strong framework: Directors at a company should make time to evaluate the current industry frameworks and standards, and then devise some of their own. Smyth suggests looking first to the ISO 27000 standards, as well as the National Institute of Standards and Technology cybersecurity framework.
Look for the right fit in technical safeguards: “Smaller firms simply aren’t going to be able to afford the technical safeguards that huge investment banks can,” says Smyth. And if the tech doesn’t fit, it’s not going to work too well anyway. Effective practices mean choosing the appropriate measures for the individual company.
Train your staff: “A well-trained staff is an important defense against cyberattacks,” says Smyth.