Idaho Department of Finance Looks for Cracks in Cybersecurity

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With recent cyber-attacks on the rise in the financial services industry, the Idaho Department of Finance announced it is participating in a project to gain a better understanding of cybersecurity practices among state-registered investment advisers. 

According to a news release, the survey was developed by the North American Securities Administrators Association. A pilot project this summer found 4.1 percent of investment firms that responded experienced a cybersecurity threat. Only 1.1 percent experienced loss, theft or the unauthorized exposure or use of confidential information.

The study also showed that 62 percent of firms have already undergone a risk assessment and 77 percent have procedures in place relating to cybersecurity. The pilot pinpointed 440 registered investment advisers managing less than $100 million in assets in nine different states.

Now that the results from the survey have been compiled, the Idaho Department of Finance plans to use the study to find vulnerabilities in Idaho's finance services industry. Statistics are expected to be released next month.