SEC Announces 3 Actions Charging Deficient Cybersecurity

September 1, 2021

SEC sanctioned 8 firms including monetary fines!

SEC sanctioned 8 firms for failures that resulted in thousands of email account takeovers. The SEC also reiterated and reinforced expectations by stating, “It is not enough to write a policy requiring enhanced security measures if those requirements are not implemented or are only partially implemented, especially in the face of known attacks.”

Click below to see full article:

https://www.sec.gov/news/press-release/2021-169

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Craig Godbee, Vice-President and Information Technology Officer
Persons Banking Company, Forsyth, GA
$378 million, 5 branches, FDIC

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Teresa Welty, SVP Internal Audit Manager and Risk Officer
Capital Bank, N.A., Rockville, MD
$1.8 billion, 6 offices, OCC Regulated

NETBankAudit is more than just an audit firm. They take the time to truly understand your organization. By working as a partner, they made recommendations that best fit our bank while helping us realize resources that were already at our disposal. The employees we work with are extremely knowledgeable and always available to assist.

Beth Worrell, EVP/Chief Risk Officer
Skyline National Bank, Independence, VA
$855 million in total assets, 22 locations, OCC Regulated

Auditors have been very knowledgeable and able to relate to Credit Unions vs. Banks. They have a clear structure in their process and follow agreed delivery timelines for draft and final reports. They ensure all recommendations are supported by a source regulation or best practices that is relevant to Credit Unions. We have had a very good experience with NETBankAudit and our Supervisory Committee appreciates the final reporting format (easy to follow and readable for volunteers).

James Wheeler, VP - Chief Risk and Information Officer
First Financial Federal Credit Union of Maryland in Sparks Glencoe, MD
$1.2 Billion in assets, 8 Branches, NCUA regulated

We were very satisfied with our first NETBankAudit experience and impressed with the thorough report. Working with our assigned auditor was a pleasure - he possesses great field experience and regulatory experience that was very helpful to us.

Dan Hagedorn, Audit Liaison/Compliance
International Bank of Chicago, Chicago, IL
$845 million total assets. 6 branches. FDIC regulated