New CyberSecurity Requirements: Colorado Financial Adviser Rule
A recent Bloomberg BNA article reported on a new proposed CyberSecurity rule in Colorado. The rule would impact financial advisers and broker-dealers - the article notes that this group 'may soon face the most far-reaching state CyberSecurity requirements in the U.S.'
The article quoted Colorado Securities Commissioner, Jerry Rome, explaining that "'the Colorado rule would require entities with state securities licenses to conduct an annual assessment of their CyberSecurity risks… Financial firms would also have to have written policies and procedures explaining how they are protecting clients' personal and financial information.'"
In addition to the potential for this rule to set a trend for other states to follow, it is also in line to address part of the concern noted by WhiteHawk's COO, Trevor Rudolph, during his appearance on The Bridge. Trevor noted 'the big banks have the resources to protect themselves and the mid-market players don't.' The Colorado rule requirement for financial firms to document how they protect their clients will help to show and subsequently address vulnerabilities.
WhiteHawk is building a CyberSecurity Exchange to also do this by helping companies identify risk areas and protect themselves accordingly.
For more information on Trevor's The Bridge appearance, click here.
To view the full Bloomberg BNA article, click here.