David Smyth Quoted in Ignites (Financial Times) on Investment Adviser Cybersecurity
Brooks Pierce partner David Smyth was quoted in Financial Times publication Ignites on February 29 in an article titled "Firms Boost Budgets to Fight Vendor Cyber Risks: Report."
The article includes an analysis of a recent report on investment advisers' responses to specific cybersecurity risks. In particular, the Aite Group's report said that only 50% of survey respondents said they require vendors and business partners to have information-security training before allowing them to access the firm's network. "That's risky because they absolutely can be liable for their vendors' failures," Smyth said. "If they're not requiring any information-security training [of vendor staff], that's a dangerous way to live these days."
Smyth served on the staff of the SEC for six years, ultimately as Assistant Director in the Division of Enforcement. He now represents corporate clients in financial services litigation and in response to government enforcement proceedings by federal and state authorities.
Ignites subscribers can read the full article here.