Time to Party Like It’s 1999… Again: Information Technology Returns to Center Stage

With the Securities and Exchange Commission’s attention again returning to cybersecurity issues, many registrants are recalling the Commission’s intense focus on “Year 2000” issues over a decade ago.

Commissioner Luis Aguilar, in remarks at the SEC’s cybersecurity roundtable held on March 26, 2014, made a special point of discussing the SEC’s growing concerns about cybersecurity and observed that cyber-attacks have wide-ranging and potentially devastating effects on the economy, individual consumers and on markets and investors.  In an April 2, 2014 speech, Commissioner Aguilar stated that the SEC’s Office of Compliance Inspections and Examinations will be making cybersecurity an exam priority, warning that the industry should expect that SEC examiners will be reviewing whether asset managers have policies and procedures in place to prevent and detect cyber-attacks and whether they are properly safeguarding their systems against security risks.

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