On February 9, 2022, the Securities and Exchange Commission voted to propose new cybersecurity risk management rules and amendments to enhance cybersecurity preparedness and improve the resilience of investment advisers and investment companies against cybersecurity threats and attacks.

Specifically, the proposal would:

● Require advisers and funds to adopt and implement written policies and procedures that are reasonably designed to address cybersecurity risks;

● Require advisers to report significant cybersecurity incidents to the Commission on proposed Form ADV-C;

● Enhance adviser and fund disclosures related to cybersecurity risks and incidents; and

● Require advisers and funds to maintain, make, and retain certain cybersecurity-related books and records.

The proposed rules and amendments are designed to address concerns about advisers’
and funds’ cybersecurity preparedness and reduce cybersecurity-related risks to clients
and investors; improve adviser and fund disclosures about their cybersecurity risks and
incidents; and enhance the Commission’s ability to assess systemic risks and oversee
advisers and funds.

See https://www.sec.gov/news/press-release/2022-20 for more details.

While the rules are still in the proposal stage, it is clear that firms will need to ensure their policies, business cyber risk assessment, and third-party cyber risk assessments are united with a suitable and established cybersecurity framework. ACE IT Solutions helps firms implement technology that fits with their specific environment while following SEC guidelines.

ACE IT Solutions compliance experts can help your business achieve and maintain data security requirements per SEC regulations, help streamline the ongoing compliance processes, and stay up to date with the complex and evolving data protection laws and regulations worldwide. Let us show you how you can simplify your compliance processes and run your business without any regulatory glitches. Contact ACE IT Solutions at 646.558.6358 or email info@aceits.net

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