NEW YORK, Sept. 28, 2023 – Today, a COMPLY™ announcement shared that the company published The Ultimate Guide to Cybersecurity Compliance, a comprehensive outline of major cyber risk points in 2023 and beyond, and the critical features necessary for a successful cybersecurity program to maintain security and compliance in today’s dynamic environment. COMPLY is the global market leader in regulatory compliance software, consulting and education resources for the financial services sector. The guide, published by COMPLY’s compliance and cybersecurity experts, provides a review of recently proposed and adopted rules, as well as risk alerts and updates from regulatory bodies.
“According to a report by IBM, the average cost of a data breach in the United States exceeds $9 million,” explained Helen Johnson, COMPLY’s Chief Technology Officer. “When coupled with reputational costs and increased regulatory scrutiny, taking meaningful, strategic and proactive measures to enhance a cybersecurity program is vital for all financial services companies. These firms and institutions face a unique risk level and must take steps to protect the personal data with which their clients have entrusted them.”
The report features four sections: an overview of the basic tenants of cyber threats within a regulatory context, the current risk landscape, building a cybersecurity program and best practices to support that program. The guide aims to provide compliance teams with actionable steps to implement, maintain and enhance their cybersecurity program, managing and mitigating risk points while ensuring ongoing compliance with relevant regulations.
“Our proprietary data indicates that proposed cybersecurity risk management rules are some of the most concerning for financial advisory firms, with 60% of respondents selecting it as their top concern among other proposed rules such as outsourcing and best execution,” said John Gebauer, COMPLY’s Chief Regulatory Officer. “However, the sophistication of cybersecurity threats coupled with the heightened impact of cyber breaches, both monetarily and reputationally, has made cyber and data security of the utmost importance. Compliance officers are responsible for ensuring that the firm implements a comprehensive cybersecurity program, which protects the firm and its clients while also meeting the requirements of regulatory bodies. In many cases, based on the size and resources of the firm, administering and maintaining the program may also fall to the CCO.”
The 2023 Ultimate Guide to Cybersecurity Compliance is available for free download.
COMPLY will release additional resources through Cybersecurity Awareness Month, including a webinar on the CCO’s role in cybersecurity, which will air live on October 18, 2023. Registration is open now!
About COMPLY
As a global market leader in regulatory compliance solutions, COMPLY combines the power of regulatory technology, services and education to empower Chief Compliance Officers (CCOs) and compliance professionals to easily navigate the regulatory landscape. COMPLY enables firms to scale their growth, while remaining vigilant in their compliance efforts, by providing solutions designed to manage the burden of complex compliance tasks. Our deep bench of industry expertise – which includes expansive knowledge in technology enablement and regulatory compliance protocols and processes from our product portfolio offerings ComplySci, RIA in a Box and NRS — supports more than 7,000 clients, including private equity firms, hedge funds, broker-dealers, registered investment advisers and other financial service sector participants.
COMPLY continually supports clients in their work to proactively address core compliance challenges – minimizing risk, addressing critical priorities and meeting new demands as the industry evolves and the firm scales.
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Media Contacts
Donald Cutler or Lorene Yue
Haven Tower Group
424-317-4864 or 424-317-4854
dcutler@haventower.com or lyue@haventower.com