Top 5 Actions to Reduce Cybersecurity Risk

  1. Conduct a periodic assessment that examines:
    • The nature, sensitivity and location of information that the firm collects, processes and/or stores, and the technology systems it uses
    • Internal and external cybersecurity threats to and vulnerabilities of the firm’s information and technology systems
    • Security controls and processes currently in place
    • The impact should the information or technology systems become compromised
    • The effectiveness of the governance structure for the management of cybersecurity risk
  2. Implement a cybersecurity strategy though written policies and procedures, such as a written information security plan (“WISP”)
  3. Deploy cybersecurity software and tools to detect and protect against cyber-intrusions and other malicious activity
  4. Provide cybersecurity training and awareness to employees
  5. Consider cyber-insurance policies

The above advice is an excerpt from the April 27th Webinar from MyComplianceOffice, co-hosted by Charles Lerner of Fiduciary Compliance Associates and John Roth of Venor Capital Management. To see more takeaways from this webinar session, download the slides.


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