In 2024, financial sector regulators prioritized cybersecurity issues impacting financial institutions and the public. Key U.S. federal agencies—including the Securities and Exchange Commission, Federal Trade Commission, and the Consumer Financial Protection Bureau—have been joined by state regulators such as the New York Department of Financial Services in significant new federal and state regulations and more
On May 16, 2024, the SEC issued a release (the “Release”) adopting amendments to Regulation S-P (the “Amendments”) that require broker-dealers, registered investment companies (together, with business development companies, “registered funds”) and registered investment advisers to adopt written policies and procedures creating an incident response program to deal with unauthorized access to customer information, including