Think cybersecurity breaches won’t happen to your firm? It may be time to reconsider. Cybersecurity breaches are becoming much more common at investment advisers than firms may realize. While the industry is certainly buzzing about cybersecurity as the latest hot button regulatory and operational risk, executives may nonetheless perceive their firms to be at low risk for a data breach —erroneously assuming that their firms are either too small to be a target, that their IT departments have the latest technology and won’t be hacked, or that their firms are too far removed from maintaining custody of physical funds or securities to have anything of value worth hacking. This false sense of security could prove costly, in terms of both financial costs and reputational harm, as the following actual incidents reveal.
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