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Melinda McLellan, Jonathan Forman Comment on Financial Adviser Cybersecurity Requirements Proposed in Colorado

News / April 28, 2017

Partner Melinda McLellan and Counsel Jonathan Forman are quoted in an article published April 28, 2017, in Bloomberg BNA’s “Privacy & Data Security Law” newsletter. The article, “Colorado Moving to Set Financial Adviser Cybersecurity Rule,” discusses a proposed Colorado rule that would require entities with state securities licenses to conduct an annual assessment of their cybersecurity risks.

McLellan told Bloomberg that it’s possible other states will follow Colorado's lead. “To the extent certain state governments may have concerns about lax regulatory oversight by the feds, we could see an increased appetite for taking on cybersecurity enforcement at the state level,” she said.

In his comments, Forman said that although the details need to be worked out, Colorado's rule isn't unreasonable. “The proposed rule is a recognition that cybersecurity compliance is now a cost of doing business,” he said. “Luckily, while the proposed rule is prescriptive, it allows advisers and broker-dealers to tailor their compliance programs to address their cybersecurity risk profiles.”

Read the article (registration required).

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