In the two-year period between 2013 and 2015, cyberattacks affected more than 150 million people. Included in that large group of victims were some familiar names like Experian, Charles Schwab, Fidelity Investments, and Anthem.
Mutual Fund Data Breaches
Public relations and financial damages stemming from cyberattacks continue to get worse each year. In response to this trend, the Securities and Exchange Commission (SEC) imposed new regulations -referred to as the Cybersecurity Examination Initiative (CEI) -on financial companies with private data to protect.
With new rules to follow and growing threats to thwart, mutual fund trustees and directors have no choice but to make cybersecurity a priority in 2016 and beyond. This blog will give fund managers a quick overview of what they need to do to obtain adequate insurance coverage and maintain compliance with CEI.