On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features” (the “Risk Alert”). The Risk Alert highlights the risks associated with the storage of customer records and information by broker-dealers and investment advisors on cloud-based storage platforms.
The National Institute of Standards and Technology (NIST) published its request for information (RFI) covering a series of questions designed to assist in the development of a voluntary framework meant to improve the management of the privacy risk that could arise from the collection, storage and use of individuals’ information in the Federal Register on November 14, 2018.
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