Cyber Security A Major Risk To US Financial System: SEC Chief

Mary Jo White believes that despite preparedness, procedures in place to fight cyberattacks are inadequate.

US Securities and Exchange Commission (SEC) chief Mary Jo White has issued the strongest warning to date about threats from hackers saying the US financial system’s cyber policies are inadequately equipped to deal with them, reports Reuters. This statement is dubbed by Tom Kellermann, formerly of the World Bank’s security team, as a “historic recognition of the systemic risk facing Wall Street.”

White’s observation comes close on the heels of the recent $81-million Bangladesh Bank theft that has left the financial world shaken up.

Speaking at the recent Reuters Financial Regulation Summit, the SEC chair said the committee, which regulates the securities markets, has seen a lot of awareness and preparedness to threats, but the procedures in place are insufficient.

Under White, the SEC has done much to bring out regulations targeting misleading of investors, rampant non-compliance, and broken windows. It has been actively involved in assessing the cybersecurity of brokers and investment advisors.

For more details on this, see Reuters.

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