Crytocurrency

SEC Chairman: “With Cybersecurity, We Are Cops on the Beat”

Gary Gensler, the chairman of the Securities Exchange Commission (SEC), published a tweet assuring the online trading community that the SEC was developing procedures to prevent people engaged in online trading from becoming concerned about the location of their data.

Gensler explicitly stated that the SEC is focusing on data privacy with regard to the financial industry as well as cybersecurity and cyber hygiene standards around public issuers’ incident reporting.

Related: Paying hackers is widespread in Australia, according to a top government cybersecurity outfit.

So that you won’t be alarmed about where your data is, @SECGov is working on a cybersecurity and cyber hygiene policy regarding public issuers’ incident reporting as well as on data privacy in regards to the financial industry. Happy Halloween and Happy Cybersecurity Awareness Month’s final day.

In the opening of the video, Gensler reminded the audience that October has been declared the month of cybersecurity awareness since 2004 by the President and Congress working together.

Additionally, Gensler stressed the need for cybersecurity for maintaining financial stability. As a result, he assured that the SEC was attentive to the problems occurring in the area.

Additionally, Gensler said:

And when it comes to specific cybersecurity risks in the financial sector, the Securities and Exchange Commission is the cop on the beat.
Gensler then relied on “Regulation S-P,” which calls for customer data and information to be protected by broker-dealers, investment companies, and investment advisors.

Additionally, he cited a case where Morgan Stanley (NYSE:MS) Smith Barney, or Morgan Stanley Wealth Management, a financial services and investment management company, was sued by the SEC for failing to protect the confidential and private data of its 15 million clients.

Related: The sale of units hurt Australia’s Westpac by $824 million in the second half of the year.

Towards the end of the video, Gensler said that as cybersecurity concerns grew, the SEC was working on numerous projects pertaining to financial sector cybersecurity and hygiene.

first appeared on Coin Edition

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