Colorado Raises the Bar in Buyside Cybersecurity

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  • May 19, 2017

View in FinOps Report

Banks might not be the only financial institutions needing dedicated chief information security officers (CISOs) to oversee and enforce a cybersecurity program.

As FinOps Report goes to press, the  Colorado Division of Securities is set to finalize rules which, as of July 15, will make the state the first in the US to require fund managers and broker-dealers to follow a required list of procedures to mitigate the potential for a data breach. Even if the appointment of a CISO is not mandated, fund managers and broker-dealers would have to follow some of the same requirements recently imposed by New York State for banks. Therefore, they would need to pick someone to handle the same responsibilities.