Wealth managers warned to be on alert for Russia cyberattacks after Ukraine invasion

On Behalf of | Mar 9, 2022 | Market Volatility

Financial professionals in the U.S. have been warned to be on the alert for potential cyberattacks from Russia in the wake of the invasion of Ukraine, InvestmentNews reports.

The Department of Homeland Security, the Securities and Exchange Commission and the Financial Industry Regulatory Authority have all stressed the importance of stepped up cyber security in the financial sector.

DHS has established a web page warning of cyber attacks, stating that while there are no specific credible threats to the U.S. homeland, the Russian government could attempt additional destabilizing actions outside of Ukraine. All organizations were advised to adopt a heightened posture on cybersecurity and protect their most critical assets.

In addition, FINRA issued a cybersecurity alert to member firms, noting that “The Cybersecurity & Infrastructure Security Agency (CISA) and the FBI issued a “Shields Up” warning this week regarding potential Russian cyberattacks to target U.S. organizations related to Russia’s potential destabilizing actions against Ukraine.”

Firms were directed to the CISA website for recommended steps to help them protect assets, including confidential customer and firm information.

These steps include validating that all remote access to the organization’s network and privileged or administrative access requires multi-factor authentication, ensuring that software is up to date with security updates, and confirming that an organization’s IT staff have disabled ports and protocols not essential for business purposes.

The attorneys at Lewitas Hyman include former senior attorneys at the SEC whose legal experience and industry knowledge make them uniquely qualified to provide counsel on securities regulatory, compliance and enforcement matters. Our attorneys fully understand the regulatory scrutiny financial professionals and their firms face from the various regulators that oversee the financial services industry. If your firm is facing an investigation from a regulatory agency, please contact the FINRA investigation attorneys at Lewitas Hyman by calling (312) 291-4600 or through our online contact form.

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