SEC compliance is top of mind for RIAs across the country, and their cybersecurity needs are specific. RIAs have a fiduciary responsibility to protect their clients' data and assets, which may be vulnerable to cyber attacks. A data breach can result in fines, penalties and reputational damage. With the SEC proposing new rules to address cybersecurity risks, VNRs must prepare to future-proof their practice.
In this episode, Shannon Rosic, director of WealthStack Content and Solutions, talks with Michael Cocanower, founder and CEO of AdviserCyber, about what the pending regulations mean for RIAs.
Shannon and Michael also discuss:
- What role does the advisor play in mitigating risks?
- Why the SEC believes firms are investing less in cyber solutions
- What the AI arms race means in the context of regulation
- How RIAs can effectively respond to and recover from a cybersecurity incident
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About our guest:
Michael Cocanower is the founder and CEO of AdviserCyber. He has over 25 years of IT experience and specifically designed AdviserCyber to help Registered Investment Advisors (RIAs) comply with the SEC's most comprehensive cybersecurity requirements in history. Michael has led IT consulting organizations empowering small and mid-market businesses with strategic guidance. Michael is recognized as a Certified Investment Adviser Compliance Professional (IACCP ® ) as well as a Certified Ethical Hacker.
Born and raised in Phoenix, Michael earned Bachelor of Science degrees in both finance and computer information systems from Arizona State University. He went on to serve in technology consulting positions for various Arizona-based companies as well as industry giants such as Microsoft and Cisco. Michael served on the Board of Directors of the Microsoft® Certified Partner International Association for many years and is also a past president of the Arizona Chapter of the Organization of Entrepreneurs. Michael is a black belt in the Kang-Sul division of Hwa Rang Do, a trained sniper, and runs more than 50 miles a week. In his spare time, he is up for any kind of adventure life throws at him.