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4/6/16 The SEC and Cybersecurity

At the SEC’s Chief Compliance Officer event last week, we heard the SEC advise us to assess our cybersecurity preparedness.  This included cybersecurity governance, assessment of risks, protection of networks and information, risks associated with vendors and detection of unauthorized activity.   Within 24 hours of that meeting, we heard about the Panama Papers, a data breach and leak of 11 million documents pertaining to offshore tax havens and secret accounts of wealthy individuals throughout the world. While many dealings were not illegal, it is a major embarrassment to the people named. And, new regulations are sure to be enacted by world-wide taxing authorities.   We should take the SEC’s advice and be continuously vigilant.

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