July 03, 2014, Justin Orcutt, Regional Sales Manager
2014 is the year that the US Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) is turning its focus to cybersecurity, a looming threat to any and all companies that utilize the internet. In case you missed my last post, back in March the OCIE hosted a Cybersecurity Roundtable to discuss the importance of protecting consumer data and the security of market systems following a steep increase in breaches by its members. According to Securities and Exchange Commissioner Luis Aguilar:
“Cybersecurity has become an important topic in both the private and public sectors, and for good reason. Law enforcement and financial regulators have stated publicly that cyber-attacks are becoming both more frequent and more sophisticated. Indeed, according to one survey, U.S. companies experienced a 42% increase between 2011 and 2012 in the number of successful attacks they experienced per week.”
OCIE’s first initiative launched in April, when it announced plans to examine and assess the preparedness of over 50 registered broker-dealers and asset managers for a cyber-attack. They would look for specific documentation, including:
· Evidence of whether the organization conducts or requires risk assessments of vendors and business partners;
· Steps taken to detect unauthorized activity on networks and devices;
· Updates on whether the organization experienced any type of cyber-incident.
The announcement was a call for asset managers to officially step up their cybersecurity. It’s been almost three months since the SEC released the OCIE Cybersecurity Initiative in the National Exam Program Risk Alert National Program, and since then asset management companies have been moving quickly to address Cybersecurity. The Cybersecurity Initiative has elevated the issues of cybersecurity out of IT and into the board room (finally). The management at these firms are now acting swiftly to assess their firms’ level preparedness to defend against a cyber-attack and improve their security posture.
The Cybersecurity Initiative is helping identify a baseline that all broker-dealers need to have to protect against a breach. Awareness of the problem and a vision of the baseline, however, is only the first step to meeting the requirements of The Cybersecurity Initiative.
Coalfire has compiled a checklist to help those companies seeking to meet the guideline of The Cybersecurity Initiative:
1. Find a partner firm that is familiar with your business to help you
2. Quickly perform a review of your perimeter security via a penetration test
3. Notify your audit committee of your timeline to be prepared for an SEC Audit
4. Conduct a risk analysis
5. Update policies and procedures
6. Look to buy insurance (work with your partner to determine if it’s adequate for you)
7. See attached guidance on how to help audit departments
Read Aguilar’s entire speech: http://op.bna.com/ccw.nsf/id/mmey-9l6lwe/$File/Aguilar%20and%20Cyber.pdf
Read the OCIE’s Risk Alert here: http://www.sec.gov/ocie/announcement/Cybersecurity+Risk+Alert++%2526+Appendix+-+4.15.14.pdf
Justin Orcutt — Regional Sales Manager
Coalfire started in 2001 with a simple idea – cyber threats are increasing, compliance mandates are getting more complicated, and a well-designed cybersecurity program can help fuel your overall success.
Coalfire helps organizations comply with global financial, government, industry and healthcare mandates while helping build the IT infrastructure and security systems that will protect their business from security breaches and data theft. The company is a leading provider of IT advisory services for security in retail, payments, healthcare, financial services, higher education, hospitality, government and utilities.
The Coalfire Board of Directors provides invaluable guidance for the organization and reflects Coalfire’s dedication to achieving success for our customers.
Coalfire’s executive leadership team comprises some of the most knowledgeable professionals in cybersecurity, representing many decades of experience leading and developing teams to outperform in meeting the security challenges of commercial and government clients. With diverse backgrounds in IT systems security, governmental security, compliance, and reducing risk while implementing the latest enabling technologies (such as the Cloud and IoT), our leaders understand the challenges customers face.
With a passion for quality, Coalfire uses a process-driven quality approach to improve the customer experience and deliver unparalleled results.
Created in honor of the late co-founder of Coalfire, the Richard E. Dakin Fund at The Denver Foundation is supporting scholarship programs at several universities for promising college students studying cybersecurity and related fields.
Security is a team game. If your organization values both independence and security, perhaps we should become partners.
The increased need for cyber security has become a common enterprise priority across the globe. However, industry requirements for effective cyber risk management are as distinct as the individual entities under fire. Enterprises and government organizations need more than an off-the-shelf audit to provide an effective threat assessment. They need industry- and organization-specific insights, tools and processes to protect digital assets and ensure compliance.
Coalfire can help cloud service providers prioritize the cyber risks to the company, and find the right cyber risk management and compliance efforts that keeps customer data secure, and helps differentiate products.
“Success” at a government entity looks different than at a commercial organization. Create cybersecurity solutions to support your mission goals with a team that understands your unique requirements.
The financial services industry was built upon security and privacy. As cyber-attacks become more sophisticated, a strong vault and a guard at the door won’t offer any protection against phishing, DDoS attacks and IT infrastructure breaches.
The continuum of care is a concept involving an integrated system of care that guides and tracks patients over time through a comprehensive array of health services spanning all levels of care. Interoperability is the central idea to this care continuum making it possible to have the right information at the right time for the right people to make the right decisions.
Maintaining network and data security in any large organization is a major challenge for information systems departments. However, in the higher education environment, the protection of IT assets and sensitive information must be balanced with the need for ‘openness’ and academic freedom; making this a more difficult and complex task.
When it comes to cyber threats, the hospitality industry is not a friendly place. Hotels and resorts have proven to be a favorite target for cyber criminals who are looking for high transaction volume, large databases and low barriers to entry.
The payments industry is undergoing rapid changes and unfortunately, an increasing risk for data breaches. Cyber criminals are growing increasingly businesslike, and payments leaders need to move quickly to cover their cyber risk.
The food and beverage industry is under attack from cyber criminals intent on stealing payment information. The food and beverage industry makes up the highest percentage of breach investigations, at nearly 73 percent, according to Visa.
The global retail industry has become the top target for cyber terrorists, and the impact of this onslaught has been staggering to merchants. To secure the complex IT infrastructure of a retail environment, merchants must embrace enterprise-wide cyber risk management practices that reduces risk, minimizes costs and provides security to their customers and their bottom line.
Private enterprises serving government and state agencies need to be upheld to the same information management practices and standards as the organizations they serve. Coalfire has over 16 years of experience helping companies navigate increasing complex governance and risk standards for public institutions and their IT vendors.
Technology innovations are enabling new methods for corporations and governments to operate and driving changes in consumer behavior. The companies delivering these technology products are facilitating business transformation that provides new operating models, increased efficiency and engagement with consumers as businesses seek a competitive advantage.
Cybersecurity has entered the list of the top five concerns for U.S. electric utilities, and with good reason. According to the Department of Homeland Security, attacks on the utilities industry are rising "at an alarming rate."
Cyber risk management, advisory, technology and compliance services. Manage risk and maximize return on investment to prevent data breaches and theft. Coalfire’s solutions are led by a team of industry experts that help enterprise organizations understand a wide range of compliance and risk management initiatives, which enables a consistent cybersecurity framework across the organization.
Assess your cloud strategy and the maturity of your cloud security program, and then chart a path to a more secure program that aligns with business objectives
Better understand the unique risks posed by the cloud and how to assess your cloud program to effectively identify cloud-specific risks and threats and close critical security gaps
Ensure compliance by leveraging our unparalleled expertise across multiple frameworks and extensive experience with more than 350 cloud service providers
Identify risk and vulnerabilities across all devices, and apply solutions to mitigate security issues across your business’s entire cloud ecosystem
Build customized, automated processes so you can stand up and manage secure, compliant, audit-ready cloud environments to get to market faster
Expert assessments that provide an accurate understanding of what you are trying to protect, the inherent and residual cyber risk to your enterprise and the maturity of the your security program and underlying controls
Customized services to help CISOs and Senior Management develop cybersecurity strategy, implement controls, and govern a security program
Adopt a proactive approach to cybersecurity
Make more informed security-related decisions
Design, engineer, and scale with confidence
Certification and Accreditation (C&A) process for DoD
Get FedRAMP authorized with the leading 3PAO
Reducing Financial IT Security Risk
Meet your FISMA authorization needs
Privacy programs to secure consumer data
Health data protection for all shapes and sizes
A risk management and third-party assurance solution
An internationally recognized approach to information security
ITAR, EAR, and DFARS Advisory and Assessment
Cyber security for electric grid critical infrastructure
Protect Controlled Unclassified Information for Nonfederal
Payment Application Security Validation
PCI Data Security Standard Compliance
Have you suffered a data breach of cardholder data?
Establish and report controls to differentiate your organization
Demonstrate your commitment to cybersecurity
Malware and Vulnerability Research, Open Source Tools, and Opinions
Understand vulnerabilities and implement remediation before they’re exploited
Obtain, preserve, and examine digital evidence
Secure the design, development, and deployment of your applications
Secure physical and digital IoT solutions with advisory, assessment and technical testing for makers, operators and users.
Test your organization’s defense against a simulated real-world attack
Listen to real-life stories of our security team exploiting vulnerabilities
Control your Compliance
Easily identify IT vulnerabilities