Support the investment industry against cyber threats

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IIROC’s focus on cybersecurity is not that recent either. In a dedicated corner of the SRO website, it provides a wealth of information to help members prepare for and respond appropriately to digital threats. This includes a collection of guides and resources to help dealers and their customers protect themselves, the first of which were released in December 2015.

“I think it’s important to put in context that cybersecurity risk has been a major concern for a number of years. It’s not just a recent phenomenon, ”said Irene Winel, senior vice president of regulation and member strategy, in an interview with Wealth Professional. “However, with increasing digitization, increasing flow of digital assets and all kinds of people working from home due to the pandemic, these risks have certainly increased in our industry as well as in other industries around the world. “

Winel declined to provide specific figures on the extent of the cyber risk threat in the investment industry, but previous IIROC advisories point to hot spots of malicious activity. In March, it published an advisory outlining steps businesses could take to prevent, detect, and respond to ransomware attacks. Another notice in June last year focused on cloud services and application interfaces, which he said were increasingly targeted by cyber attackers able to identify and exploit specific vulnerabilities.

Describing the past year as a “test of the operational resilience of enterprises,” Winel said companies have been diligent in putting in place business continuity plans even as they adopt working arrangements at the same time. home due to the pandemic. She also underscored the need for companies to improve their security, continue to learn about emerging threats, and perform much-needed testing of their organizational readiness.

“IIROC has focused over the years and continues to support smaller, independent firms, which may not have the benefit of being part of larger integrated institutions and all the resources that accompany them, ”she added.

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