Cyber-Security – The U.S. financial sector will forever be a prime target for “hackers” and attacks for myriad reasons. The most obvious two being financial gain for those looking to attack it or a more malicious, less greedy but potentially worse attack on the United States, its economy and institutions.
Cyber-security always a concern, now a senior advisor for SEC
There is little question that the Securities and Exchange Commission is well aware of the danger of cyber attacks and the need to increase cyber-security. To that “end”, the commission has appointed Christopher Hetner as senior advisor on cyber-security, he will report directly to SEC Chair Mary Jo White on all matters related to cyber-security including internal commission practices and “engaging with external stakeholders and further enhancing the SEC’s mechanisms for assessing broad-based market risk,” according to a release from the commission today.
With the announcement, the commission also acknowledged that attacks are on the rise and the commission doesn’t see this changing in the near future.
In a rare interview with Harvard Business School that was published online earlier this month, (it has since been taken down) value investor Seth Klarman spoke at length about his investment process, philosophy and the changes value investors have had to overcome during the past decade. Klarman’s hedge fund, the Boston-based Baupost has one of Read More
Prior to the appointment today, Hetner served as the lead of the SEC’s Technology Control Program in the Office of Compliance Inspections and Examinations. Prior to joining the SEC, Hetner had worked in the field for over two decades including work with GE and Citygroup before taking his last private sector job as Ernst and Young’s wealth and asset management cybersecurity chief.
“With the cyber field steadily evolving and expanding, it is imperative we continue to enhance our coordinated approach to cybersecurity policy across the SEC and engage at the highest levels with market participants and governmental bodies concerning the latest developments in this area,” said Mary Jo White. “We are very fortunate that Chris will take on this important role where he will apply his expertise and decades of experience in information security.”
“Having dedicated my career to information security, I am honored to have the opportunity to advise Chair White on cyber policy issues,” Hetner said in his own remarks. “I look forward to working with staff across the agency to enhance our risk-based approach to cybersecurity policy.”
Clearly Hetner will have a team behind him but the senior advisor position is a welcome one as attacks on financial institutions become an increasing worry.