05 Sep Wealth Advisors Will Soon Be Required To Disclose Cyber Breaches To Clients, Prospects
This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in Financial Advisor Magazine
Sausalito, Calif. – Sep. 5, 2024
Wealth managers face a new reality. Cybercrime will soon be a $10.5 trillion annual business — larger than the sale of all illegal drugs worldwide, combined, according to Cybersecurity Ventures — and industry participants and their clients are among the world’s most compelling targets. Numerous firms have already been attacked and millions of dollars of client assets have been stolen.
The U.S. Securities & Exchange Commission (SEC) along with many state regulators have made it clear that they expect industry participants to have cybersecurity protections in place. Proposed regulations will require wealth managers to adopt policies and procedures that are “adequate” and that they must “effectively certify.” And should the policies and procedures prove to be “inadequate,” they could face a “Commission enforcement action.”
Financial Advisor Magazine reports that unfortunately, to date most advisors have largely ignored cybersecurity. The good news is that an effective program for most firms is neither complicated nor expensive.
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