The US Securities and Exchange Commission (SEC) has updated rules to address the increasing threat of data breaches and theft of customer information. The changes, approved unanimously, require broker-dealers, investment companies, and registered investment advisers to maintain incident response programs to detect, respond to, and recover from cyber theft of customers' personal data. Additionally, affected companies must notify individuals whose information may have been accessed without authorisation. Companies will have 18 months to two years to comply with the new rules once they appear in the Federal Register.
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