Cybersecurity still a top concern among RIA compliance execs

Almost three-quarters increased cybersecurity compliance testing in the past year

Jul 15, 2019 @ 2:02 pm

By InvestmentNews

For the sixth year in a row, cybersecurity remains the biggest compliance concern at registered investment adviser firms, according to a survey of 369 RIA firms by the Investment Adviser Association and ACA Compliance Group.

Cybersecurity is the "hottest" compliance topic among 83% of survey respondents, with 70% indicating that their firms increased compliance testing in this area over the past year, the organizations said in a joint release.

(More: Cybersecurity remains top RIA compliance concern)

A higher percentage of survey respondents reported doing penetration testing (80% vs. 73% last year) and phishing-scam testing (75% vs. 66%). A majority reported having cybersecurity insurance.

After cybersecurity, compliance professionals ranked issues relating to advertising and marketing as the second hottest compliance topic (28%), followed by issues relating to data privacy (23%).

The 2019 IAA survey, conducted online throughout May, also touched on issues including custody, best execution, ethics, gifts and entertainment, solicitations and referrals, fees and expenses, and whistleblowing.


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