Mind the Compliance and Security Gap on Mobile Devices

Conducting business on mobile devices – e.g., phones and laptops – is a necessity in our industry. However, compliance and security gaps continue to surface, despite compliance policies and data safekeeping measures. These gaps are creating regulatory and reputational risks, some with hefty associated price tags. For example, the SEC is now targeting investment companies for “off-channel” communications. Similar efforts with institutional broker-dealers resulted in nearly $3 billion in fines in less than two years. Meanwhile, access and data through mobile devices remain a favorite breach point of cybercriminals targeting investor data. Recent events show that even pension funds are not immune to attacks.