FINRA Compliance

What is FINRA Compliance?

The Financial Industry Regulatory Authority (FINRA) regularly conducts examinations of its regulated institutions to assess compliance with the mandates they set forth for financial services institutions and those of the SEC. FINRA requires organizations conduct a cybersecurity risk assessment to develop and guide the organization’s cybersecurity risk management program. A thorough risk assessment includes:

  • Developing and maintaining an inventory of authorized assets
  • Determining which assets are ‘critical assets’
  • Assess external and internal threats
  • Scan and assess asset vulnerabilities
  • Develop a framework to prioritize vulnerabilities and timeframes to remediate identified risks

While ‘critical assets’ should be defined based on your specific organization’s needs, they generally have one or more of the following attributes:

  • Store or process personally identifiable information (PII) or critical business data
  • Are vital to the organization’s business operations and continued existence

Why Does FINRA Compliance Matter?

FINRA requires regulated institutions to have policies and procedures in place to protect customer information and records. To effectively and continuously secure your network infrastructure, it’s important to collect, correlate and alert on a wide array of data that may indicate potential security incident or compromise. Log management and SIEM is often the cornerstone of such a program, allowing you to collect log and event data from systems across your IT environment, analyze, correlate and alert on potential security incidents to detect and respond potential security risks. As part of a comprehensive security program, continuous vulnerability assessment and scanning for missing patches will help identify exploitable weaknesses. Understanding and prioritizing vulnerabilities and missing OS and application patches, and remediating them in a timely manner is recommended to continuously reduce the threat of cyber attacks.

How Does Cygilant Help?

Cygilant is helping organizations comply with FINRA mandates through SOCVue Security as Services suite of Security Monitoring Security Monitoring, Vulnerability Management, and Patch Management services.

Cygilant’s SOCVue Security Monitoring service delivers leading SIEM and Log Management technology that is deployed and managed 24x7x365 SOC team to supplement your team. SOCVue GSOC security analysts provide round the clock incident analysis, incident response and remediation guidance.

Cygilant’s SOCVue Vulnerability Management service leverages leading vulnerability assessment technology to scan, identify, and prioritize vulnerabilities based on business impact and risk. SOCVue GSOC security analysts work with your team to provide remediation guidance to continually reduce vulnerabilities while ensuring FINRA compliance.

Cygilant’s SOCVue Patch Management service provides a comprehensive patch scanning and patch management process that allows you to detect missing OS and application patches, prioritize them based on criticality and asset value and provide industry leading patch content to deploy patches in an efficient manner. The goal is to reduce attack surface and meet FINRA compliance requirements with an auditable change management process.

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