ARTICLE
31 January 2020

FINRA Urges Firms To Take Precautions Against Iranian-Sponsored Cyberattacks

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
FINRA Information Notice: Heightened Terror Threat Risk.
United States Finance and Banking

FINRA urged firms to prepare for potential "cyber and physical attacks" originating from the Iranian government. FINRA issued the Notice in response to a Department of Homeland Security Bulletin concerning potential terrorist threats by Iran.

In the Notice, FINRA advised firms to prepare by:

  • regularly reviewing relevant threat and intelligence alerts;
  • assessing their cybersecurity programs and procedures, and their Business Continuity Plan, in order to determine if such programs and procedures would enable the firm to identify, prevent, and mitigate potential terror-related cyber threats, as well as respond adequately to any potential disruptions that may occur; and
  • enhancing "organizational vigilance" by (i) monitoring internal security capabilities, (ii) maintaining proper system access and (iii) identifying anomalous behavior.

Primary Sources

  1. FINRA Information Notice: Heightened Terror Threat Risk

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