(Bloomberg) — Some brokerages aren't doing enough to protect themselves from cyberattacks while other firms don't share information that could reduce future threats, according to U.S. securities regulators.
The Financial Industry Regulatory Authority said its examiners found wide variation in the way brokers defend against the risk of hackers. While large brokers have sophisticated systems for monitoring threats and sharing information, some smaller firms haven't taken basic steps such as assessing their vulnerabilities, Finra said in a report released Tuesday.
Finra's findings follow hacks on large banks such as JPMorgan Chase & Co. that led to the theft of customer data and a breach of web-based systems operated by the Federal Reserve. Brokerages could bolster their defenses by tightening relationships with vendors and improving employee training, the report said.
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