Cybersecurity and Cyber Compliance Guide for Financial Services

This guide outlines the distinctions between cybersecurity and cyber compliance within the financial services sector. It explains that while cybersecurity focuses on protecting IT infrastructure, cyber compliance aligns these systems with regulatory requirements. The document emphasizes the importance of integrating both disciplines, especially in light of increasing digital transformations and regulatory scrutiny. It details the necessity for firms to establish a robust risk posture, which includes managing third-party risks associated with vendors that access sensitive data. The guide also discusses the critical role of compliance teams in demonstrating adherence to regulatory expectations and outlines the collaboration needed between IT and compliance teams. Furthermore, it highlights recent regulatory actions by the SEC and FINRA that stress the importance of risk-based programs over prescriptive checklists. The document concludes by reiterating that effective cybersecurity and cyber compliance together form a comprehensive cyber-risk management strategy.