Many financial advisors may be understandably confused about the best strategies to protect against cybercrime – as well as their own regulatory and compliance responsibilities. It may be reassuring to hear, however, that by familiarizing themselves with compliance issues, planners are likely to be taking significant steps towards tackling the actual security threats.
Securities lawyer Daniel Bernstein says that while there really aren’t any specific compliance regulations about cybersecurity, advisors can seek guidance from closely-related rules that are already in place. Bernstein, director of research and development at the regulatory financial consulting firm MarketCounsel, says advisors should look to the SEC’s Regulation S-P, which is aimed at protecting consumer financial information by requiring notice of privacy policies and by preventing the disclosure of personal information to third parties.
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