On February 3, 2015, as part of its Cybersecurity Examination Initiative, the SEC’s Office of Compliance Inspections and Examinations, in coordination with the Division of Trading and Markets and Division of Investment Management, issued a Risk Alert summarizing observations it made through cybersecurity examinations of a cross section of broker-dealers and investment advisers.  This article summarizes the key findings of the Risk Alert.  See also “Weil Attorneys Discuss U.S. and E.U. Cybersecurity Risks and Compliance Issues Relevant to Private Fund Managers,” Hedge Fund Law Report, Vol. 7, No. 45 (Dec. 4, 2014).