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Earlier this month the SEC filed charges against broker dealer virtu Americas LLC and its parent company Virtu Financial Inc for making materially false and misleading statements and omissions regarding information barriers to prevent the misuse of sensitive customer information. Virtu Americas failed to safeguard a database that contained post trade information generated form customer orders routed to and executed by Virtu Americas.
The charges brought highlight the path the SEC is taking for the oversight and assurance of disclosures. While it is not clear how the issue was identified, it is a specific event brought by the SEC, demonstrating the depth of regulatory oversight.
As cyber regulation increases, one advises covered entities develop reasonable and adequate solutions for the oversight and assurance of technology and cyber risks. The challenges ahead for covered entities will only increase, requiring a 3 Line of Defense framework for regulatory oversight.
To find out more please reach out to the Augusta Group – www.augustagrp.com
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
(https://lnkd.in/erxEVXzx)
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