Cybersecurity is a growing concern for individuals and businesses alike. More and more people are wanting to improve their online security whether that’s through monitoring potentially harmful activity they see or using a promo code for torguard to get a cheap VPN that will protect their data. A VPN works by routing a device’s internet connection through a private network, rather than an internet service provider and therefore redirecting the internet connection, disguising the device being used, and improve the device’s cybersecurity. Therefore, VPNs like the NordVPN Linux can be very useful. So, companies across all industries are at high risk for slipping through the cracks when it comes to cybersecurity compliance. With new threats every day, it can be challenging to keep up. This is especially true for asset management firms. Due to the extremely high amount of Personally Identifiable Information (PII) that are stored within firms’ databases, it’s crucial for asset management firms to realize how at risk they are for cybersecurity breaches.

Regulating Asset Management Firms

The first step in ensuring your firm is compliant with all cybersecurity regulations is understanding how asset management firms are regulated.

There are two main agencies that regulate asset management firms:

  1. Financial Industry Regulatory Authority (FINRA)
  2. Securities and Exchange Commission (SEC)

Though there are some overlapping rules and regulations within the FINRA and SEC, it’s important to ensure that your firm is compliant with the regulations of both. Failure to meet regulations of the FINRA and SEC will result in a violation and puts your firm at risk for data loss caused by a cybersecurity breach.

Staying Compliant

There are many ways to help your firm stay compliant with cybersecurity initiatives, however the number one thing you can do is to realize that cybersecurity is not just a one-time conversation. You should continuously stay on top of cybersecurity trends in order to best protect your firm and clients. In addition, implementing a business continuity solution is also highly suggested. Preparis and other companies are dedicated to ensuring their customers are not only safe, but able to remain compliant with all federal, state and local regulations.

Protecting Your Firm with Preparis

As a leader in business continuity and cybersecurity, Preparis is able to provide everything your business needs to ensure that you don’t miss a beat when it comes to implementing cybersecurity initiatives.

Here are a few ways Preparis can help keep your firm audit ready:

  • Cybersecurity assessments – Preparis offers cybersecurity assessments and vulnerability testing of both internal and external systems to help to identify any critical security flaws that require immediate attention. By performing a cybersecurity assessment, you mitigate your organization’s security risks.
  • Plan creation, maintenance and testing – Don’t worry about trying to find the time to create plans yourself. At Preparis, we know you’re busy. That’s why we provide customized plan development to help your firm stay compliant. Additionally, the Preparis Portal allows organizations to test corporate-wide notification capabilities, command and control structures and recovery strategies.
  • Educating and training employees – With the majority of all cybersecurity breaches occurring due to human error, it’s crucial to ensure that employees are trained on how to recognize signs of potential threats and how to respond to a cyber-attack. Preparis offers a wide array of cybersecurity trainings to ensure that your firm is safe.
  • Manage regulatory compliance initiatives – With Preparis iQ, you can easily access plans, assign documents and manage your compliance initiatives with regulatory requirements.

To learn more on how Preparis can help keep your firm cyber secure, click here.

Download Preparis’ Cybersecurity for Asset Management whitepaper for more information.