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Assessing cybersecurity risks and practices in the broker-dealer industry

Author

Listed:
  • Trottman-Adewumi, Yolanda
  • Kelley, David
  • Smuglin, Len
  • Markovich, Gregory

Abstract

Cyber-attacks impacting the broker-dealer industry are increasingly common, causing greater financial losses and damage than ever before. Firms are employing a broad range of practices to defend against and mitigate these cybersecurity risks. This paper examines the cybersecurity risks faced by broker-dealers and common cybersecurity practices at broker-dealers. The Financial Industry Regulatory Authority (FINRA) is a US-based self-regulatory organisation (SRO) for broker-dealers with the dual mission of investor protection and market integrity. Pursuant to its mission, FINRA continues to emphasise the importance of broker-dealers understanding how to identify cyber risks and the actions necessary to safeguard their systems, data and operations to mitigate the risk of cybersecurity attacks and breaches and to protect their customers. Sources include information obtained or observed during FINRA examinations, enforcement cases, customer complaints and firm self-reported cyber events.

Suggested Citation

  • Trottman-Adewumi, Yolanda & Kelley, David & Smuglin, Len & Markovich, Gregory, 2017. "Assessing cybersecurity risks and practices in the broker-dealer industry," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 9(4), pages 302-312, September.
    • Handle: RePEc:aza:jsoc00:y:2017:v:9:i:4:p:302-312
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    More about this item

    Keywords

    Financial Industry Regulatory Authority (FINRA); broker; cybersecurity; risks; personally identifiable information (PII); hackers;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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