Less than a third of advisers “completely agree” that they are 100% prepared to deal with the outcome of a data breach at their firm, according to a recent study conducted by the Financial Planning Association and sponsored by TD Ameritrade Institutional.
With heightened regulatory scrutiny, greater frequency of data breaches, and high-profile incidents of hacks pervasive in the daily news cycle, advisory firms have sharply increased their focus on cybersecurity. While the risk can’t be eliminated, steps to raise awareness, adhere to best practices and have a detailed plan can help protect a firm and its clients.
This mesmerizing map of real-time cyberattacks — which only visualizes 1% of the attacks it detects — underscores the staggering frequency with which data systems are targeted by malicious outsiders.
In this slideshow, we highlight some research-based info on how the industry is confronting this growing threat.
If you administer or purchase your firm’s technology, participate in our 2017 InvestmentNews Adviser Technology benchmarking study survey to see how your firm’s cybersecurity and other technology practices stack up against your peers.