New York boosts cybersecurity

The Mutual Fund Dealers Association of Canada (MFDA) published a new bulletin on Thursday with guidance that aims to help mutual fund dealers address their cybersecurity.

Specifically, the MFDA highlights cybersecurity issues and provides guidance to dealers in the bulletin on how to adopt procedures and controls to protect their networks, computers, programs and data.

In particular, the MFDA’s bulletin calls on mutual fund firms to take steps to protect the confidentiality of sensitive data; to maintain the integrity of information “to keep everything complete, intact, and uncorrupted”; and to ensure that systems, services and information are available when needed by either the firm, or its clients.

The MFDA’s bulletin also advises mutual fund firms to processes in place to detect breaches, to respond to them and to recover from these incidents. Furthermore, it provides guidance on developing an effective cybersecurity framework, including governance and risk management, technical and physical security measures, training and testing.

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