McGuireWoods senior counsel Maria Rasmussen is quoted prominently in a Sept. 18 story in Pensions & Investments, the international newspaper of money management, about cybersecurity concerns in the institutional investment industry.
The article contended that institutional investors have lagged behind others in the financial services industry and are playing catch-up in a perilous time of increased and more damaging cyberattacks. But the path forward is challenging, the author noted, because the industry “lacks standard regulatory guidance on the topic.”
Rasmussen, whose practice focuses on executive compensation and employee benefits matters, elaborated on how the absence of industry criteria and protocols for safeguarding assets from hackers is an obstacle in its efforts to thwart cybercrime.
“There’s a lack of consistency with state laws, and there’s no federal statute,” said Rasmussen, who is based in Richmond and represents pension plan sponsors. Hackers are emboldened, she added, because there has been no serious litigation to deter them.