Michelle Reed Quoted by Cybersecurity Law Report on SEC OCIE Risk Alert
Cybersecurity Law Report, for its article “What the OCIE Cybersecurity Risk Alert Means for Investment Advisers and Broker-Dealers,” quoted Akin Gump litigation partner Michelle Reed on the Risk Alert issued on September 15 by the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE). According to the publication, the Alert listed the OCIE’s prior efforts regarding cybersecurity, noted its concerns and provided sample questions in six focus areas that reflected requests for information it might make.
Reed said, “The Alert sharpens the SEC’s focus on cybersecurity. The 2014 Risk Alert was, essentially, a survey that attempted to identify baseline policies and procedures being used by investment advisers and broker-dealers. This Alert narrows that focus, honing in on key issues such as access controls, third-party vendor management, training and incident response.”
She added that, with the current Alert, a baseline standard of care will emerge as will likely future enforcement.
Reed, who is a leader in the firm’s cybersecurity practice, co-authored a client alert shortly after the SEC OCIE was issued that can be read here.