Respondents to the Global Regulatory Outlook (GRO) 2017 survey clearly stated that cybersecurity would be a focus for 2017 and beyond.
Cybersecurity is the biggest risk facing the financial system and as such, firms can expect the SEC to continue to focus on it moving forward. The National Futures Association, FINRA, and the FCA in the UK, the FSC in Hong Kong and a variety of regulators globally have issued guidance, directives, and FAQs outlining their approach and expectations.
"It is worth noting that increasing and high-profile attacks are prompting investors to ask many of the same questions about cybersecurity that regulators are posing. Commercial forces, as well as regulatory pressures, are ultimately likely to prove key in improving standards," as Jason Elmer, Managing Director at Duff & Phelps, explains.