Cybersecurity Breaches at Advisers: More Common Than You Think
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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CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.