SEC Commissioner Lizárraga’s speech at the Digital Directors Network 2023 conference

      Recently, Commissioner Lizárraga spoke at the Digital Directors Network 2023 conference. We can gain valuable insights from the speeches that commissioners give in public, as they rarely speak on cyber security outside of regulatory meetings.

      Commissioner Lizárraga began by discussing the importance of cyber security for the securities markets. He noted that the markets are increasingly reliant on technology, and that this reliance makes them more vulnerable to cyberattacks.

      Commissioner Lizárraga then discussed the SEC’s efforts to address cyber security risks. He highlighted the SEC’s Cyber Security Framework, which provides guidance to companies on how to improve their cyber security posture. He also noted that the SEC is working with other regulators to share information and best practices.

      Commissioner Lizárraga concluded by urging companies to take cyber security seriously. He noted that cyber security is a shared responsibility, and that companies need to take steps to protect themselves from cyberattacks.

      Key takeaways from Commissioner Lizárraga’s speech

      Here are some additional details from the speech:

      • Commissioner Lizárraga noted that the SEC has seen an increase in the number of cyberattacks targeting the securities markets. He cited a recent report by the Financial Industry Regulatory Authority (FINRA) that found that there were over 6,000 cyber security incidents reported by broker-dealers in 2022.
      • Commissioner Lizárraga also noted that the SEC has seen an increase in the sophistication of cyberattacks. He cited a recent example of a cyberattack that targeted a major investment bank. The cyberattack was successful in stealing customer data, including names, addresses, and Social Security numbers.

      Find Commissioner Lizárraga’s full speech here.

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