Finra CARDS data breach risk is real

Alessandra Malito reports:

Potential security risk concerns over Finra’s highly-debated Comprehensive Automated Risk Data System proposal, or CARDS, are not simply hot air, cybersecurity and big data experts say.

The initiative by the Financial Industry Regulatory Authority Inc., which was recently put on hold for further evaluation amid negative feedback, was proposed as a means of collecting and analyzing broker-dealer client data. Finra’s stated goal for CARDS is to catch fraudulent activity early.

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