![]() ![]() Whether you create a backup copy that resides in a second physical location or in the cloud, a secondary copy in an alternate location will ensure business continuity and access to data in the event of business disruption. Backups that Comply with SEC and FINRA Regulations Backup to Alternate Sites SEC and Data Protection, Privacy and Cyber Securityĭata protection and safeguarding customer information are covered in Rule 30 of SEC Regulation S-P and SEC Regulation S-ID and FINRA offers detailed guidelines when it comes to cybersecurity and data security. For the first two years, all data needs to be easily accessible. According to these guidelines all data needs to be retained for a period of at least 6 years. SEC and Data Retention and ArchivingĪnother regulation that needs to be reviewed when developing a backup solution for a FINRA member organization is the Securities Exchange Commission (SEC) Rule 17a-4. The first of these is a data back-up and recovery solution for both hard copy and electronic data. While there is flexibility in what to include in the business continuity plan, they require at minimum addressing 10 items during this planning process. The business continuity plan needs to be maintained and kept current. This rule requires that each member organization develop and maintain a written business continuity plan that addresses how the organization will continue operations in the event of business disruption. Next we offer some general guidelines and features to look for in a backup solution to ensure compliance with FINRA and SEC FINRA and Business Continuity and Disaster Recovery Planning First we review FINRA and SEC rules and regulations that could impact your choice of backup solutions. If your organization is looking to ensure compliance when it comes to your backups, here we provide some general guidance. Registered Investment Advisors (RIA), finance professionals and members of FINRA have strict standards to uphold when it comes to data, security and privacy.
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