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SEC OCIE RISK ALERT

On May 23, 2019, the Securities and Exchange Commission’s (the “SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a new risk alert identifying security risks associated with the storage of electronic customer records and information in various network storage solutions, including cloud-based storage. Some of the concerns brought to light from recent examinations were misconfigured network storage solutions, inadequate oversight of vendor-provided network storage solutions, and insufficient data classification policies and procedures.

The Risk Alert can be viewed in its entirety here.