Cyber criminals have not slowed down this year even in light of the pandemic and election. Jay Clayton, Securities and Exchange Commission (SEC) Chairman, has warned businesses that they are still at risk for cyberattacks even during these uncertain times. Recently, warnings were issued for ransomware attacks and credential compromises against brokers, dealers, and investment institutions. There were also 30 other cyber alerts issued last month by the Department of Homeland Security. Lastly, the financial industry has been hit by multiple denial-of-service attacks, which has led to reevaluate their systems and patch any gaps that may have allowed for these attacks.
Clayton explains that the best way to avoid all of these threats is for your business to practice regular “cyber hygiene.” By organizations and employees following cybersecurity best practices and regularly updating software, cyberattacks can be avoided.
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