State Investment Adviser Examinations Uncover Cybersecurity Deficiencies: Free Cybersecurity Checklist Available

A series of more than 1,200 coordinated examinations of state-registered investment advisers by state securities examiners uncovered nearly 700 deficiencies involving cybersecurity, the North American Securities Administrators Association (NASAA) announced recently.

In their examinations of state-registered investment advisers in 37 U.S. jurisdictions between January and June 2017, state examiners found 698 deficiencies relating to cybersecurity. The top five deficiencies included:

  • No or inadequate cybersecurity insurance
  • No testing of cybersecurity vulnerability
  • Lack of procedures regarding securing or limiting access to devices
  • No technology specialist or consultant
  • Lack of procedures regarding hardware and software updates or upgrades


NASSA has compiled a checklist to help state registered advisors to better meet their regulatory cybersecurity responsibilities. The free checklist can be downloaded here:


Watch for additional news and announcements concerning cybersecurity remedies and protocols when – on October 30th in a special briefing at the T3 Technology Conference for financial services executives and heads of larger RIAs – the Cleverdome consortium pulls back the curtain on their collaborative work and resources for the financial services industry.

Joel Bruckenstein
Joel Bruckenstein
Joel P. Bruckenstein, CFP®, is Publisher of the T3 Tech Hub (formerly the T3 newsletter) and the producer of the Technology Tools for Today (T3) Advisor Conference, the only annual technology conference for independent advisors, as well as the Technology Tools for Today (T3) Enterprise Conference. He also hosts other technology summits in partnership with thought leaders in the financial services industry (e.g., Brian Hamburger of MarketCounsel) and his own by-invitation-only fintech summit every summer. In 2020, Bruckenstein will produce for the first time a new one-day intensive called T3 Cyber University. Bruckenstein is an internationally acclaimed expert on applied technology as it relates to the financial service industry. He is the co-author of three books: Virtual Office Tools for a High Margin Practice, Tools and Techniques of Practice Management, and Technology Tools for Today’s High Margin Practice. Bruckenstein’s monthly technology columns appeared in Financial Advisor magazine and Financial Planning magazine for many years. In addition, he works in tandem with industry influential Bob Veres, publisher of Inside Information, to produce an annual technology survey for the financial planning community. Bruckenstein accepted the fifth annual Leadership Award bestowed by Bob Veres' Insider's Forum, a conference that brings together the leading figures of the financial planning profession during a main stage presentation at the Insider's Forum held September 6-8, 2017 in Nashville, TN. Bruckenstein has for more than twenty years advised financial service firms of all sizes on improving their technologies, processes and workflows. For more information about Joel Bruckenstein and the services his firm offers, please visit

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